What’s the Best Level to Buy the Yen?

The USD really fell off the rails in trade yesterday and that has dragged down the USD/JPY. However overall I’m still quite bullish on the USD and Yen so this might be a good opportunity for us.

The Yen loves round numbers and I like to try and work entries and exits near those points. Today I’m watching the 113.00. I think however I would prefer to find an entry slightly above that level at 113.10.

That around the lows of earlier and that means there is a chance we will test that once again. This is for a longer term move back up to resistance at 114.50 so we can give this trade a little bit more room to move.

USD/JPY – 240 min Chart.