Daniel.B

Dollar / Yen nearing a potential breakout on strong NFP.

FX:USDJPY   U.S. Dollar/Japanese Yen
204 0 4
Update** There has yet to be a break above resistance, so no positions taken ATM. Waiting for a break above 121.50-80. Patience for now. =)

Well i jotted down the trade notes on the chart, everything is pretty cut and simple. One area to keep your eye on is the area highlighted in red in which the BoJ did release a statement of defending the Yen on Nov. 2014. Hmm, not much more to say about the trade, besides the fact that the long awaited break above the 120.70 / 121.80 area will make for some quite spectacular trading! Another note, current support for the pair is on the chart, outlined by the orange Fib retracements. =)
Any break below the orange Fib retracements and I will be a happy buyer of U/J at the .382 Fib in the 115.60 - 116.10 area.

Happy trading! =)