USDJPY: Risks still just to the upside

Hi traders this is Steve Miley for forextraders.com and here we’re looking at the US dollar against the Japanese Yen spot FX rate on a short term day trade outlook in here.

Well the market had a push higher yesterday, up through this little down trend line and then through minor resistance in the 108.85 area, but then a subsequent dip back lower. But holding above this 108.45 level in here, rebounding from 108.48 and whilst above this 108.48/45 area we’re looking for a push back higher, back towards the 109 big figure in here, up towards 109.07/15 peaks. Maybe as high as 109.30.

Should 108.48/45 surrender however it would then renew this kind of negative theme that we’ve seen in here over the past week or so and then would open up risks to 108.22 but we don’t see a threat at the moment down to this key 107.87 level.

So, still holding on to a positive tone from yesterday’s up-move up towards 109.07, but should 108.48/45 surrender, then a slightly more negative shift going into today.

This has been Steve Miley for forextraders.com.

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