I pulled up the dollar yen chart to see whats happening in this pair. There are so many news and speculation surrounding this pair at the moment. Some are saying that the efforts by the Central Bank of Japan will fail because Japan is not doing enough in other areas of monetary policy besides of course their intervention in the foreign currency markets.
Well, looking at the chart above, we can expect some volatility as it seems that the pair is going to be in a range for the next 2 days or more. 83.16 is the lows while the upper resistance is at 83.87. Thats a 70 pips range.
For me, I would be having the look and see attitude at the moment. If this pair is able to form a higher low after that spike up, I might enter on a long. If the support is broken, I suspect the bears will push the pair lower, to the 82.00 levels.
Well, the market is always right and we want to be on the market’s side. So, lets be patient here and wait.
Ardy is a Professional Forex Trader specializing in the Forex market. He trades using both Technical and Fundamental Analysis and mentors other traders how to trade the Forex market using proprietary trading strategies which he has developed over the years. He started investing in equities in 1999 and trading Forex in 2008. He is the founder and lead currency strategist @ Forexachievers.com