USD/JPY Grind Higher May Dominate March
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: Friday was a classic news fade trade in USDJPY. The NFP release inspired a spike into 96.55, which ended up being the high of the day. Price was down over 100 pips slightly more than an hour later. Action since the Friday post NFP low is consistent with the always annoying grind higher. Expect the crawl higher as long as price is above Friday’s 94.77 low. 95.24 and the post NFP low at 95.49 are now support.
FOREXTrading Strategy: Flat
LEVELS: 93.07 94.45 95.27 97.00 97.78 99.66