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    USD/JPY: trading within broad consolidation range

       
    The weekly chart below shows clearly how the pair has formed a fairly wide consolidation within a concerted up-trend.

    Whilst there may be opportunities on shorter time-frame charts they would involve trading inside the range which is a risky enterprise.

    Instead it may be more prudent to wait for a breakout of the larger range, and a break above the 122.02 range highs, including a 20 point margin, so above 122.22, would probably signal a move higher with an initial target at the R2 monthly pivot at 123.82.

    Alternatively a break below the range lows at 115.56 – including a 20 point margin – so below 115.36, would see the pair probably run down to the S3 monthly pivot at 112.73.
    USDJPY24

       
    The weekly chart below shows clearly how the pair has formed a fairly wide consolidation within a concerted up-trend.

    Whilst there may be opportunities on shorter time-frame charts they would involve trading inside the range which is a risky enterprise.

    Instead it may be more prudent to wait for a breakout of the larger range, and a break above the 122.02 range highs, including a 20 point margin, so above 122.22, would probably signal a move higher with an initial target at the R2 monthly pivot at 123.82.

    Alternatively a break below the range lows at 115.56 – including a 20 point margin – so below 115.36, would see the pair probably run down to the S3 monthly pivot at 112.73.
    USDJPY24


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