USD/JPY Consolidation Continues with Lower Volatility

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USD/JPY Consolidation Continues with Lower Volatility

9:20 AM (EST) Update

USD/JPY Daily: Moves back inside the thinning Ichimoku Cloud’s  and inside an extended Triangle

Forex Trading Idea: Short term small range trades with resistance at 120.27 and support at 119.

Technical Analysis: The dollar – Yen pair continues to range inside a triangle with substantially lower volatility as the pair approaches the end of the triangle, which could be a sign of a massive breakout. With few economic data out of Japan, the pair’s movements is mostly driven by Ms. USA which has been showing strengths beginning of this week.

So for a longer term trading idea you gotta wait for a breakout.

Where to set your stops and limits:

Support Levels Turning Point Resistance Levels
118.50 119.30 120.27
119 118.75 120.77