USD/JPY Crawls into Top of Range Before BoJ Decision
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: No change other than noting that the USDJPY is nearing the top of the estimated range and a new high would encounter the 2010 high at 94.98. “Given the inability to extend lower or respond to the 61.8% retracement of the decline from 94.61, one must consider the decline into 90.84 complete. That doesn’t necessarily mean that the uptrend is back underway. Rather, a period of sideways trading may be underway. Estimated support and resistance levels are 91.81-92.16 and 93.85-94.21.”
FOREXTrading Strategy: Flat (but EURJPY long from Tuesday remains underway with 123.20 and 124.00 targets).
LEVELS: 91.82 92.43 93.57 94.61 94.97 95.47
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.