Today’s Plan for the Yen

The Yen has found its way to 114 and for the most part, it has now got somewhat of a balance to it. We’ve pushed a little higher and a little lower, but overall 114 is about equilibrium.

Of course tonight we have the US jobs report which could push the USD in either direction, so traders are rightfully being a little cautious.

Long term I am more bullish on the USD, and happy to buy dips nearing 113.00. For scalpers, I would be looking at buying dips around the 50-period SMA which has been offering some support. Given the jobs number, I expect the USD to remain somewhat in line with limited opportunities. So be careful if you want to hold long-term positions into that number.

USD/JPY – 240 min Chart.