After all the action in yesterday’s session, the Yen has actually been rather quiet. The battle with the important resistance level at 114.00, looks like it is continuing, however as yet we can’t break out.

The USD was really strong against most currencies and I was really surprised when we didn’t get more upside out of the USD/JPY. We also had Japanese CPI out today, but again there was little response from markets when the result was really just in line with expectations.

Given that we are right on the 114.00 level in Asian trade, I don’t have a bias just yet. I want to see how we play out. If we can get some movement one way or another then I will be looking to trade around these key support and resistance levels. The round numbers are really prominent in the Yen and are very strong at the moment.

Key Support and Resistance Levels