The pair has been ranging between 99.88 and 104.12 for a couple of weeks. The D1 chart shows the price at the top of the range currently above 104.21. USD JYP is at the an interesting resistance level of 104.12, a level its been holding for a while. This resistance was broken on 12 October and has been tested for a few days. The pair is likely to break resistance and go bullish OR return into its range in bearish. If it breaks resistance level, I will wait for the fibonachi retracements and buy. My case for a buy is supported by the Feds likeliness of increasing the rates. Also the BoJ have indicated their willingness to look for alternatives to quantitative easing. This gives a strong case for a stronger USD and a weaker JPY.

Range is clear with price right at the key resistance level.

“We will continue to make necessary policy adjustments to maintain the momentum toward our price-stability target, based on economic and price conditions,” Kuroda said in prepared remarks for a quarterly meeting of the central bank’s local branch managers. The bank targets 2% inflation.

Source: http://www.marketwatch.com/story/bojs-kuroda-relaxes-his-tone-on-additional-easing-2016-10-16

H4 showing a bullish trend, with Higher highs and lower lows.

USDJPYH1-4

USDJPYM30

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Ndodimpela Dlamini

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