USD/JPY Technical Analysis September 28, 2011

USD/JPY continues to trade in a 100-pip range on Tuesday as traders are willing to consolidate instead of take on the Bank of Japan by selling this pair. The pair has been extremely reliable from a scalping standpoint recently, and as such should have made a lot of short-term traders very happy. Until something fundamentally changes in the outlook for the global economy, this pair could very well sit still as the BoJ is just under this level, and there is no real reason to sell the yen for the long-term at this point.

Written by FX Empire