Overnight the FX Leaders team opened a buy signal on the USD/JPY. It’s one that we’ve been talking about for some time now and it is looking like a good long-term opportunity.

For a while now the USD/JPY has been stuck in a trading range between 112.00 and 113.00. Its fortunes have been linked heavily to the USD, however, when the North Korean saga was in full swing, there was some strength coming into the JPY which is normally the case.

For now, the best point to be a buyer looks like 112.00. I will be looking for a test of this level and then a bullish candle. I suspect a longer-term play will be to hold this one for a few weeks as I think we can ultimately test 113.00 if the USD continues to appreciate.

USD/JPY – 240 min Chart.