Forex Technical Update

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USD/JPY 1H Chart 1:41AM EDT 6/14/2012

USD/JPY

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.

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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.

Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analysis.