USDJPY - traders looking for clues at this point - LOL :)

FX:USDJPY   U.S. Dollar / Japanese Yen
59 0 4
Chart USDJPY             30m . . . the first of my "layer cake" time frames once I see the big picture from the dailies.

Up or Down . . . well we're obviously going up, so you'd be a brave man/woman to trade against the trend right now even if you think we're about to get a pull back, so really it's understanding where to BUY back in rather than scalping against the trend.

PRICE is testing and retesting the 100SMA right now and that 100SMA is still pointing North so another good reason not to counter trend trade. Start pointing South with PRICE below and you have a chance but only a chance in the bigger picture because more people are looking to buy at the moment with the target above being the 50% FIB in the Daily chart . NO it can't go that far I hear you cry!! . . . YES it can and easily so :)

Reasonable targets for a pull back:

5 day average daily range = approx 148 points and mapped on the chart accordingly - green up from the low and red down from the high . . . these will move as we get either a HH or LL.

100/200/400 SMA . . . which is of course the 50/100/200 on the hourly chart

Larger time frame FIB at 38.2%

Finally the 200 Daily SMA

Disclaimer - this is not an instruction to trade one way or the other, it is simply for information purposes and the reader can digest and accept or dismiss its content as they wish.

Comment: !3.00 GMT . . . maybe the US slated news today at 13.30GMT will nudge this pair one way or the other . . . news is more often than not the catalyst and after that TA takes over.
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