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Forex technical analysis: USDJPY consolidates at lower levels

Discussion in 'Technical Analysis' started by ForexLive, Feb 19, 2016.

  1. ForexLive

    ForexLive Forum Member

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    Up and down action in a down week The USDJPY moved lower in the Asia-Pacific session and has moved up and down through the European session (46 pip trading range). The pair sits between support at the 112.75 area and 113.21. The low extended to 112.70, but lows since then have been just above that level as traders likely started leaning against the low. The close yesterday came in at 113.22. The high at 113.21 seems to have traders leaning against that area as well. We sit between the two extremes. (PS the week closed last week at 113.19 - near the high today. HMMMM.. What to do on a Friday? Maybe flip a coin. It might come down to the 4 PM London fixing.

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