26 Mar 2015
USD/JPY: Choppy and directionless session expected - FXCharts
FXStreet (Bali) - Another choppy and directionless session covered by 119.00/120.00 is expected in USD/JPY, notes Jim Langlands, Founder at FXCharts.
Key Quotes
"The dailies and weeklies suggest that lower levels may lie ahead although the 4 hour charts still look mildly positive, so we could see a return to 120.00 taking the dollar back into the channel."
"For the most part, it looks like being another choppy and directionless session covered by 119.00/120.00 but once again, looking rather unexciting."
"Beyond 120.00 would find resistance at 120.13 (daily Kijun), above which would see another choppy run towards 120.60 (minor) and then on towards 121.00..."
"To the downside, the weekly Tenkan at 119.40 will provide some support ahead of the minor double bottom, at 119.22. Under here would see strong support at 119.00 (Fibo support at 119.02 (61.8% of 115.85/122.02)..."
Key Quotes
"The dailies and weeklies suggest that lower levels may lie ahead although the 4 hour charts still look mildly positive, so we could see a return to 120.00 taking the dollar back into the channel."
"For the most part, it looks like being another choppy and directionless session covered by 119.00/120.00 but once again, looking rather unexciting."
"Beyond 120.00 would find resistance at 120.13 (daily Kijun), above which would see another choppy run towards 120.60 (minor) and then on towards 121.00..."
"To the downside, the weekly Tenkan at 119.40 will provide some support ahead of the minor double bottom, at 119.22. Under here would see strong support at 119.00 (Fibo support at 119.02 (61.8% of 115.85/122.02)..."