Forex: USD/JPY on 90.85-90.55 range; dip buyers await at 90.00/90.20?
Forex pairs in this Article »
USD/JPY
FXstreet.com (Barcelona) - Since the series of impulsive moves initiated in Jan 23, which culminated in a temporary top being formed at 91.20 after the penetration of key 90.20 resistance, the USDJPY continues to show signs of consolidation.
The pair has established its new trading parameters between well defined 90.55/60 support, tested a minimum of 5 times in the last 24 hours, while 90.85 is proving minor intraday resistance after a failed attempt to break through 91.00 on Monday.
The way the ongoing uptrend is transitioning is into a tight consolidation, still some 30/50 pips above the safety net of 90.00/90.20 contention area, where dip buyers are most likely camped awaiting a chance to join the bulls party.
The current box trading suggests there is a pretty consistent equilibrium in order flow, with colours of the candles a nice little mix of reds and blues throughout. While the market is bullish, timing to enter the market is critical, and since the present exchange might offer little risk reward compared to a potential correction down to 90.00/20, wouldn't surprise to see selling pressure to remain steady in the short run.
The pair has established its new trading parameters between well defined 90.55/60 support, tested a minimum of 5 times in the last 24 hours, while 90.85 is proving minor intraday resistance after a failed attempt to break through 91.00 on Monday.
The way the ongoing uptrend is transitioning is into a tight consolidation, still some 30/50 pips above the safety net of 90.00/90.20 contention area, where dip buyers are most likely camped awaiting a chance to join the bulls party.
The current box trading suggests there is a pretty consistent equilibrium in order flow, with colours of the candles a nice little mix of reds and blues throughout. While the market is bullish, timing to enter the market is critical, and since the present exchange might offer little risk reward compared to a potential correction down to 90.00/20, wouldn't surprise to see selling pressure to remain steady in the short run.
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