Yen Becoming Consolidated as Traders Wait

While the Yen has gotten stronger this morning, speculators may believe the Yen will still gain against the U.S Dollar.

Yen Maintaining Tight Range Past Week

The Yen continues to maintain a tight trading range. The Japanese currency is trading near 111.00 against the U.S Dollar.

The currency has made a steady climb in value in the short term and has tested support levels below as the U.S Dollar has been sold against the Yen.

Bank of Japan Stays on Script

The Nikkei equity Index has put in solid gains again this morning of over 1 percent. And the Bank of Japan has stuck to it rather dovish monetary policy script today.

The Yen has been slightly weaker this morning but has seen consolidation remain intact, and over the mid-term, the Yen has been stronger.

Long-Term Perspective Offers Insights

A long-term perspective of the Yen shows a broader range. Resistance may be resilient around 112.00 if the Yen weakens, while short-term support looks to be around the 110.50 juncture.

The Yen has the potential to move within its known range near term. And traders may be waiting to react to the growth numbers from the U.S this coming Friday. And while the short term may be choppy, traders may attempt to sell the U.S Dollar against the Japanese currency because they think the Yen can be stronger.

In the short term, we believe the Yen may be positive. In the mid-term and long-term, we are unbiased.

Yaron Mazor is a senior analyst at SuperTraderTV.

SuperTraderTV Academy is a leader in investing and stock trading education. Sign up for a class today to learn proven strategies on how to trade smarter.