USDJPY has been ranging in this little area for the past few days now. There isn't any clear indication where it'll go to in the long run (overall, however, on the daily chart, it's downtrending - see my linked idea).
Here we see a triangle formed and if price were to break out below, I wouldn't expect it to go out too far from the box, but if breaks on the upside, I think it will rise upwards towards the upper trend line on the daily chart. We'll see.
I would really appreciate anyone's thoughts/comments/opinions on this pair because honestly, I haven't got much of a clue. Thank you for reading.
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Comments
tcchiakh
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Japanese running out of ideas to push up the Yen. If no new is bad news from auntie. Expect further cut in interest from Abe or we see 95.
xadiq
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The lack of direction from BoJ is driving the market crazy! 95 would be awful for the Yen so I feel BoJ would look to step in the moment USDJPY goes into 99-97 territory.
TradZ
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:)
TradZ
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Expect range as we wait for Yellen to start YellN(Fri-Fed announcements)
xadiq
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I guess as much. I'm guessing Yellen won't have as much impact as BoJ, but we'll see. USD needs a little nudge cos it's been somewhat underwhelming lately.