USDJPY Coiling

28 Jun
2012

The USDJPY has been trading in an extremely narrow range over the last 24 hours.  The pair appears to be coiling for a move.  In which direction I am unsure.  The cross did not strengthen with risk today which could mean the pair will move higher when risk returns.  For now watching the chart is the plan.  Support is at .7920 and resistance is up at .7980.

Sup   .7920

Res   .7980

Plan:  Standing aside.  Instead Watching EURJPY  Support at .9850 And CADJPY support at .7640.