Forex Technical Update
USD/JPY 1H Chart 1:41AM EDT 6/14/2012
The USD/JPY continued to fall during the 6/14 Asian-European session. It extended a little lower after the poor jobless claims, and negative CPI data. However, the range support area between 79.09 and 79.15 rejected the decline and the market trades near 79.30 at 1:30PM EDT. Here we are testing a declining trendline seen in the 1H chart.
Ahead of the BoJ policy meeting during the 6/15 Asian session, the USD/JPY is likely to have a tendency toward the middle of this short-term range, near 79.50. This represents the middle of the range, as well as a pivot area that provided support on the 12th, and resistance on the 13th and 14th.
Fan Yang CMT is the Chief Technical Strategist, trader, educator and a of the main contributors to FXTimes - provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.
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