On the downside the initial support is seen at 118.50 and again at 118.30 (both minor). Below there would head towards 118.00, where the converging 100/200 HMAs will provide support. A break of 118.00 would open the door to a return to the daily tenkan at 117.60 and then to last weeks 117.23 low but right now this looks rather unlikely.
Overall, while wanting to trade from a strategically long position, I suspect that we may be in for a few more days of choppy trade, which could well last until Friday’s NFP figure but buying dips remains the play although I suspect there may be better levels to do so over the course of the week.
Economic data highlights will include:
M: Capital Spending, Nomura Mfg PMI
F: Provisional Coincident/Economic Index.
The post USDJPY: Dollar remains firm but below recent highs. Overbought dailies suggest caution. appeared first on FX Charts Daily.
The post USDJPY: Dollar remains firm but below recent highs. Overbought dailies suggest caution. appeared first on www.forextell.com.