USDJPY Large Consolidation

USDJPY has been trading inside a range for a couple of weeks, the area is full of former support and resistance levels and lack of sway on either part of the Pacific didn’t help much; we do keep an eye out for the support levels as we are trading close to the lower side of the range  but the 104.50/105 levels seem pretty far at the moment. This could be the build up to a much larger move and the bullish bias might prevail but until there are some clear signs of this happening one should trade carefully on the intraday timeframes, and hopefully those trades can turn into bigger ones.

USDJPY has been trading inside a range for a couple of weeks, the area is full of former support and resistance levels and lack of sway on either part of the Pacific didn’t help much; we do keep an eye out for the support levels as we are trading close to the lower side of the range  but the 104.50/105 levels seem pretty far at the moment. This could be the build up to a much larger move and the bullish bias might prevail but until there are some clear signs of this happening one should trade carefully on the intraday timeframes, and hopefully those trades can turn into bigger ones.

 

[NP][/NP]