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Forex Strategy: USD/JPY Trade in Play Before NFP

Forex Strategy: USD/JPY Trade in Play Before NFP

Ilya Spivak, Head Strategist, APAC

The US Dollar advanced for a fifth consecutive day against the Japanese Yen having launched higher as expected after carving out a Triangle chart pattern. Prices are now testing resistance at 104.14, the 38.2% Fibonacci expansion, with a break above that targeting the 50% level at 105.19. Alternatively, a turn back below the May 7 high at 103.75 (now recast as support) aims for the 103.00 figure, followed by a horizontal pivot at 102.62.

I booked partial profits on a long position from 102.82 earlier this week and continue to hold half of the trade with a stop adjusted to the breakeven level.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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