Whilst USDJPY remains within a new trading range the near-term momentum favours the bulls. The Bullish Hammer two weeks ago may have market the end of the correction from the 111 highs. However a slight cause for concern is that USDJPY has a tendency to shift between trading ranges in very clear and directional moves, then spend considerable time whipsawing wildly between key leaves in the new range. If this scenario is about to be repeated then 105.20-110 may be our new trading range over the coming months. We are currently at the midway point of this range, but near-term momentum favours the bulls having seen a ... (full story)