Technically, the USD JPY is trading inside of two ranges. Thefirst range is 93.84 to 98.89 which forms a retracement zone at 96.36to 95.77. The second range is 98.89 to 94.87. This range creates aretracement zone at 96.87 to 97.34.
Mid Session Analysis
News that the U.S. economy is showing signs of weakness is weakening the U.S. Dollar against the Japanese Yen.
Technically, this currency pair is trading inside of two ranges. The first range is 93.84 to 98.89 which forms a retracement zone at 96.36 to 95.77. The second range is 98.89 to 94.87. This range creates a retracement zone at 96.87 to 97.34.
Key Gann Angles are providing support and resistance while controlling the short-term direction of the USD JPY pair. Up trending Gann Angle support from the 93.84 bottom is at 95.72. Down trending Gann Angle resistance from the 101.44 to is at 97.44.
Combining the Gann Angle support with the retracement zone creates a solid downside target at 95.77 to 95.72. Today’s low is 95.70.
With the main trend down, traders will have to break this combination to trigger more downside action.
Mid Session Chart