USD/JPY: ranges getting narrower, time for a break out?

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 13, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - USD/JPY is currently trading at 119.79 with a high of 120.09 and a low of 119.54.

    USD/JPY struggles at the 120 handle and a downside bias is perhaps materializing. A break out os due if the symmetrical triangle on the daily chart is anything to go by, with the recent ranges becoming more and more narrow. There is a lack of impetus in the market for USD/JPY traders with risk sentiment on and off week to week, day to day.

    The BoJ are due to meet at the end of the month yet again while the FOMC is due as well. The forthcoming data from the US is key, with industrial production, retails sales, CPI's and the beige book.

    USD/JPY key range

    The range to monitor for a break out stays with 118.60 and JPY121.60 with the four-month level at 125.40 and the August 24, lows of 116.20.
    For more information, read our latest forex news.

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