Yesterday was one of the first days that the Yen had managed to hold a support level and start to move higher.
The key support level that held up was 110.000. Overnight price moved higher and couldn’t nudge its way through 111.000.
So for now, we’re in a trading range that can potentially offer opportunities to traders.
I’d be looking to short around 111.000 and get long at 110.000. The 200 SMA on the 30-min chart should also offer some resistance to the upside and could be a good spot to look at later this trading session.
Watch out for NFP
The key market mover this week is clearly the NFP on Friday. Whenever we have a big data release markets tend to slow down a little.
Because of that, there is potentially less momentum in the USD/JPY to either break support or resistance in the short term.
So if the possibility presents itself, the current trading range could offer traders some levels to play off.
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