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USD/JPY expected to remain near 119.00 – FXCharts


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FXStreet (Bali) – Jim Langlands, Founder at FXCharts, shares his view on USD/JPY, noting that the pair should remain within familiar levels not far from 119.00, with volatility expected to pick up on any US data miss later on the day.

Key Quotes


“Look for another day not too far removed from 119.00, with any direction likely to come later in the day if the US data (Personal Consumption/Expenditure, Pending Home Sales) is too far from expectations, but with the real action likely to arrive on Friday.”


On the topside there is resistance at 119.40 (38.2% of 121.17/118.32), which is also the weekly Tenkan, having closed below it, and at Friday’s 119.48 high and thus could prove quite a hurdle to overcome. Back to the downside, 119.00/118.90 will provide minor support ahead of the 100 DMA/daily cloud top at 118.75 and Thursday’s 118.32 lows and the thin daily cloud base at 118.15.”