Elliot_Myers

USD/JPY Breakout Set Up

FX:USDJPY   U.S. Dollar/Japanese Yen
Trading a break of the 76.4% fib or 50% fib level is likely yo yield a favourable trade.

So what is going to cause a break above or below these levels?

BOJ chief Kuroda is speaking in the early hours of Monday morning while the Chinese Trade Balance is out sometime on Tuesday.

The Kuroda speech is likely to have more sway in moving price action however if it doesn't the Chinese data may just do it.

The BOJ is notoriously defensive of the Yen and is not secret that a weaker Yen is their preference (Japan is an export driven nation so a weak currency boosts competitiveness).
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