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May 24 - 05:55 PM

USD/JPY - Bias Is Bearish, But Stuck In Nesting Ranges For Now

By Randolph Donney  —  May 24 - 03:38 PM
  • USD/JPY is heavy after closes below the up trendline from January

  • That trendline and cloud top are at 109.21-22 on Tuesday

  • Possible trade is fading 109.21 with a stop above 109.50 and 108.36 target

  • Today's 108.995 EBS high was capped by the 21-DMA and Friday's 109.005 high

  • Need progress in expanding the recent ranges to get a clearer trend signal

  • A close outside of May 19's 108.575-9.33 range is the initial task

  • But much more important is May's 108.34-9.785 range on EBS

For more click on FXBUZ


Chart Click here

Source:
Refinitiv IFR Research/Market Commentary

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