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USD/JPY Classical 03.14

USD/JPY Classical 03.14

2011-03-14 07:41:00
Joel Kruger, Technical Strategist
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USDJPY_Classical_body_jpy2.png, USD/JPY Classical 03.14

USD/JPY:Overall, nothing has changed as of yet, with the market still locked within a well defined multi-week range between the 80.00-85.00 area. The latest sharp setbacks have once again been well supported ahead of 80.00, to leave the range very much intact for now. The record lows come in by 79.75 from 1995, and we continue to see the more medium and longer-term risks to the upside, with the market trading just off these record lows. Still, we are now on the sidelines and will wait for a break back above 84.50 or below 80.00 for a clearer directional bias.

Written by Joel Kruger, Technical Currency Strategist for DailyFX.com

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