Yen Finds Brief Support On Weak Jobs Data
A move above 92.00 led me into a long USD/JPY trade with the 1/8 high of 93.78 as my target. We just missed hitting it today and a weak ADP report led to a sharp pull back but we have started to see the pair regain its footing. I will remain cautiously long as I think we will re-test my target. I will also move my stop up to 92.60 to lock in some profits. I may look to close my position ahead of the NFP report unless we see a break above 94.00 which exposes considerable upside potential.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.