Traders should reduce their expectations for appreciable movement in the USD/JPY. The defeat of the move above 110.00 by the weak may US payrolls has left the pair without a fundamental rationale for movement.
The technical restraints of the range between 108.50 and 110.00 should order trading in the week and weeks ahead. Momentum indicators have largely turned neutral with Friday's nearly one figure drop. The MACD retains a slight buying edge from the size of the Friday decline. The 21-day moving average (MA) at 109.25 supplements the first support line. The 100-day MA at 107.77 will operate in conjunction with support at 107.95 if the line at 108.50 is broken.
Resistance: 109.70, 110.00, 110.30, 110.70
Support: 109.25, 109.00, 108.50, 107.95, 107.00
The technical restraints of the range between 108.50 and 110.00 should order trading in the week and weeks ahead. Momentum indicators have largely turned neutral with Friday's nearly one figure drop. The MACD retains a slight buying edge from the size of the Friday decline. The 21-day moving average (MA) at 109.25 supplements the first support line. The 100-day MA at 107.77 will operate in conjunction with support at 107.95 if the line at 108.50 is broken.
Resistance: 109.70, 110.00, 110.30, 110.70
Support: 109.25, 109.00, 108.50, 107.95, 107.00
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