Rate is stuck in-range; no follow-through either way but longs getting nervous I think. Expect more selling on overnight strength. Hold shorts—nothing to do but wait as the bulls run for the exits. Model accounts on the bid last night a good sign the rate will fall back.

Expect lots of two-way action and the rate is likely to cover a lot of the same ground twice the next 24-48 hours. This week’s data may be largely ignored until NFP out later in the week. Longs likely rolling stops up underneath close-in so expect volatility later today.

USD/JPY Daily

Resistance 3:  105.80
Resistance 2:  105.50/60
Resistance 1:  105.30
Latest New York:  105.27
Support 1:  104.40/50
Support 2:  104.00/10
Support 3:  103.70/80

Data due Thursday: All times EASTERN (-5 GMT)

None

Forex Analysis by Jason Alan Jankovsky at ForexPros.com. For more details about Forex Trading and Tips for decent earnings through Forex Trading, Please check http://www.forexpros.com