Good day traders!

Lets look at the USDJPY chart below.

dollar yen chart analysis

Dollar Yen Chart Analysis

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.

To your trading success!

~ Ardy

Singapore Forex Traders’ Blog