USDJPY To The Moon

27 Jul

The USDJPY is the only pair that had a pure reaction to the USD GDP report.  The GDP figure came in line with expectations.  Thus lowering the possibility that further QE could be announced in the near future in the USA.  From a practical point of view this should have evolved into a stronger dollar.  Rather rumors involving a shock and awe wave of intervention from the ECB pushed the majors higher against the USD.

The USDJPY moved to the top of its range on Friday at 78.60.  This level managed to contain the upwards momentum.  Leaving the pair in the same range that it began the week.  Support is still firmly at .78.

Sup         78

Res         .7860

Keane Insight's:  Until the range is broken.  Play the inside.