USD/JPY Range Bound

Good morning traders,

I’ve been off with the man-flu this last couple of days and yikes, was it nasty… Watch out for it guys. It’s hunting you down and it will get you! 🙂

The last time we featured the US Dollar in one of our morning blogs, USD/JPY was struggling on North Korean jitters. But with what was looking like a major event (that’s how you’d describe impending nuclear war, right?), the news couldn’t even damage a single daily support level on the pair:

USD/JPY Daily:

Click on chart to see a larger view.

Major daily support level in tact – Check!

It couldn’t even break the closest swing low that I’ve marked with the thin red line on the chart above. There is just zero momentum behind this move and markets once again showing a common sense approach to modern society, shrugging off the sensationalist headlines that the media feeds us hourly.

Find your major levels such as this USD/JPY range and play them until they break. With clearly defined risk, you put yourself in the best possible position to see success.

With North Korea seemingly in the rear-view mirror for now, just keep in mind that Jackson Hole really gets going today and the central banker merry-go-round is set to give us the same… but different… type of headline driven price action that I’ve just rubbished above.

Heck, just stay healthy (and solvent) over the weekend. I want to see you back in full swing with me on Monday morning!

Dane Williams – @VantageFX

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Source: Vantage FX Blog