Yesterday I wrote about a nice looking level in the Yen that I felt might be a good one to try and buy. That was the 112.00 level. Around that area, we had a moving average to hold us up, clear support and of course the psychological round number.
And sure enough, we tagged 112.00, almost dead on and bounced about 40 pips higher. I still think we can still look to use this level going forward. While we got a short-term bounce you might want to consider buying around that level ahead of a longer-term move higher.
The USD/JPY has been a good trade lately as it has been drifting higher along with the DXY. And as we’ve seen in recent months, when the DXY gets moving so does the Yen. We’ve seen highs at 114.50 not all that long ago when the USD was firing.
This week we, of course, have US unemployment, which has the potential to do absolutely anything with the USD. So if you want to wait on that I wouldn’t blame you. However, I’ll still be looking to work further entries in the 112.00 region for the time being.
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