Usd/Jpy The Yen, Oh The Poor Neglected Yen

This pair has really done very little in the past seven days, losing its momentum and trend it seems. Traders can use the Fibonacci levels shown here to gauge intermediate support and resistance. The pair has also been having quite a few run-ins with its 20 day SMA. Daily volume and ATR is also on the decrease suggesting that few are interested in moving price and that fair value has been found at this moment. Tomorrow will see the preliminary GDP out of the U.S. with an expectation of 2.6 percent.

Implications: A Bullish Reversal is About To Get Underway

Price is likely to move higher over the next several days or even weeks, possibly to 1.9300. A breach of 1.8795 with bullish momentum should be followed by higher prices.

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