The Yen has sold off in early Asian trade. It's found some support at the key 110.00 level, as it had previously.
Yesterday we spoke about the range that had developed in the USD/JPY as it was bound by 110.000 and 111.000.
This morning the test came as the early data released from Japan showed a slight miss in average cash earnings, which was down -0.4% for the year (vs 0.6% expected). The poor result would suggest that there is more evidence of continued easy monetary. However, it seems that the USD is taking charge and continuing to lead the decline in the USD/JPY.
Quick Scalp
For traders, this is another opportunity to potentially look for a continued bounce off the support level at 110.000 and scalp out some pips.
It’s clear that the trend is to the downside at the moment. Though, I wouldn’t be looking for a large retracement back up to the 111.000.
And remember that if you’re looking to hold a position into the US session, it’s NFP day in the states. That is likely to be the key driver.
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