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Forex4you

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USD/JPY: still range-bound on most time-frames

   
On shorter time-frames such as 4-hour and daily charts price-action is too chaotic to analyse.

In such circumstances I tend to zoom out and look at the longer-term charts. The weeklies shows a strong up-trend which has paused and consolidated over the past year.

Eventually this protracted sideways move will probably breakout and produce some nice moves. Given the previous up-trend a bullish breakout is favoured, with a break above the range highs at 122.05 providing confirmation, and a long-range target based on the width of the range, at 125.60.

Alternatively a break lower is also a possibility, with a move below the range lows at 115.50, confirming a downside break to a target at 112.50.
USDJPY08b

   
On shorter time-frames such as 4-hour and daily charts price-action is too chaotic to analyse.

In such circumstances I tend to zoom out and look at the longer-term charts. The weeklies shows a strong up-trend which has paused and consolidated over the past year.

Eventually this protracted sideways move will probably breakout and produce some nice moves. Given the previous up-trend a bullish breakout is favoured, with a break above the range highs at 122.05 providing confirmation, and a long-range target based on the width of the range, at 125.60.

Alternatively a break lower is also a possibility, with a move below the range lows at 115.50, confirming a downside break to a target at 112.50.
USDJPY08b



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