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Sep 15, 2014
USD/JPY trading in a tight range - FXStreet
FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik observes that USD/JPY is trading in a tight, 30 pips rango on Monday, close to the multi-month high of 107.38.
Key quotes
"There are giving no clues on what’s next in the short term, as per price well above a bullish 100 SMA and indicators with a slightly bearish tone due to latest slide, right below their midlines, yet far from suggesting a strong bearish momentum."
"In the 4 hours chart indicators had partially corrected extreme overbought leadings but remain well into positive territory, which limits possibilities of a stronger downward move in the short term."
"107.40 immediate resistance however, refuses to give up, so a stronger upward acceleration below the level is required to see the pair resuming its bullish trend."
Key quotes
"There are giving no clues on what’s next in the short term, as per price well above a bullish 100 SMA and indicators with a slightly bearish tone due to latest slide, right below their midlines, yet far from suggesting a strong bearish momentum."
"In the 4 hours chart indicators had partially corrected extreme overbought leadings but remain well into positive territory, which limits possibilities of a stronger downward move in the short term."
"107.40 immediate resistance however, refuses to give up, so a stronger upward acceleration below the level is required to see the pair resuming its bullish trend."