Forex Technical Update
USD/JPY 1H Chart 7:15AM EDT 6/12/2012
Technically, the 1H chart shows the USD/JPY in a triangle with declining resistance and rising support. But with such insignificant slopes, we may as well consider this market ranging roughly between 79.10 and 79.80. The RSI is beginning to be stuck between 40 and 60, which reflects consolidation momentum.
Perhaps the market is staying put ahead of the BoJ meeting during the 6/15 Asian session.
USD/JPY 1H Chart 7:18AM EDT 6/12/2012
If the market breaks below 79.10, it is in the direction of the trend since the USD/JPY topped off in March. There are some short-term support pivots at 76.70 and 78.50, but the 2012 lows at 77.95, 77.64 will be in sight as well.
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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