USDJPY: Consolidation Persists in Narrow Range
Prices continue to consolidate in a well-defined range between support at 77.96 and resistance in the 78.43-60 area. Current positioning doesn’t offer an actionable trade setup and we will stand aside until something more compelling presents itself. A break higher exposes falling channel resistance set from the June 24 high, now at 78.71. Alternatively, a breach downward initially targets 77.65.
8hr Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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