USD/JPY is testing the resistance of the range it
is developing in at 109.80. Depending on the news a possible breakout
could lead to a rally to 110.90 - 111.00.
Very narrow trading this week. Hopefully a direction will be formed in the next one.
True, the pair remains in the negative territory while continue showing no clear directional strength.
The news didn't cause the breakout I was expecting, but the pair did form a bullish spinning top bar on the W1 time frame at 108.60 so we might see a new move to the upside.
It's been in the trading range 109.852-108.602 since the breakout 111.015. I had projected downside movement at 109.00. I think the bears are still in the market until it gets 108.125. The next 2 days should tell the story. But right now U/J is weak right now. Because the swings inside the overall range are shorter in time length between each pivot point. I don't know how long this is gonna last but I know one thing after a weak range comes heavy momentum in the market. A strong trend is to come.
You are right, USD/JPY broke out below 108.60 after all. The pair continues depreciating and I think it will soon reach 108.00.
U/J has two things it may do at this point. If you U/J breaks past the resistance level at 109.50. It will continue heading to 109.85 or it
You were right as well it just drop further than you expected from the looks of things the bulls is starting to drive the market.
Currently what I see.