Japanese Yen Closes at 20 day Average
Prepared by Jamie Saettele, CMT
The USDJPY traded in a 60 pip range today, which is actually more than 1.5 times its 20 day average range. Time will tell if today’s move is the beginning of a sustainable move. For now, respect the range. The resistance zone is the current level (20 day average) to former support at 7760. Support is the series of lows since November near 7650. Guessing the direction of the eventual break is futile but it is worth noting that speculative longs are at a level consistent with recent interventions.
Bottom Line - flat
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.