The pair is in a short term widening range, with bias currently to the upside. A push above 1.4250 would confirm, with a target of 1.4310. 1.4340 and 1.4380 are resistance levels beyond.

A drop below 1.4200 will like test 1.4180. A drop below 1.4170 will need to move through further support in the 1.4160-1.4140 region and if it succeeds will target 1.4120 then 1.4080 (if needed).

USD/JPY

The pair dropped below a rising short-term trend line yesterday but has come off those lows and is now trading above it. 95.70 and 95.40 will act as support, as well as the recent lows near 95.00.
A break above 96.35 indicates a move higher with a target of 96.60. 96.90-97.00 is the resistance level beyond.

Analysis by: http://www.Forexpros.com - Written by Cory Mitchell

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