USDJPY - Rangebound

Symmetrical triangle continues to form on the USDJPY, with the range tightening so a breakout of the chart pattern is looking more likely as it approaches the apex.  Bystanders are patiently waiting for further action from the BOJ mentioned in the post on 13/08/13. Range trading is the best option for now whilst waiting for a breakout.  On a breakout of the chart pattern on the upside would give it a projection of 108.00






There is still a lot of uncertainty on the short term as recent candlestick bodies have been reducing with more dojis occurring.  From the bulls perspective, the first resistance area of note is 98.60/99.00 which is the 50% retracement from the recent down move and October high.  Then the down trendline and September high of 100.60 are back in the picture.

The bear's key supports levels are uptrend line and then recent low of 96.60, made on 7th October.

Charts sourced from ig.com