USD/JPY Technical Analysis October 21, 2011

The USD/JPY pair continues to hover around the 77 handle during the Thursday session, and looks very likely to on Friday as well. The range it has been stuck in between 76 and 77.50 looks likely to hold as the Bank of Japan will not let the pair fall , and the risk of shorting the Yen isn’t appealing to readers either. With this in mind, we like scalping this pair for 50 pip runs from the bottom of the range, near the 76.25 mark.

Written by FX Empire