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Today we could see a mild rotation down and a consolidation.
Key resistance is at $45.45.
If $45.45 is broken to the upside, then strong bull continuation.
Tight bullish channel in place.
However beware correction to $44.79
If $44.79 is broken watch $44.40.
The market might need to find support at 8122
Bears can time their entry
Trendline and MA almost reached
Looking for important levels to be hit to provide support
TA suggests that bears have not yet managed to take control.
TA suggests a move back to 1.09 and 1.08
Providing the US data comes in as expected or better we will see more of the same for this pair and see the price action trapped in the range.
The USDJPY is in corrective mode. 120.45 should provide some support for the bulls in the sort term.
It is possible to be short in this corrective move but I would be more comfortable to buy close to 120.00 - 120.50.
The pair is correcting the strong bullish breakout of BoJ monetary policy on negative interest rates. The market needs to know the US NFP data to continue its breakout.
I am bullish short term. Target 1.0930
The single currency is at the mercy of fundamental data. Markets participants undecided which way it will go. On the daily chart having a swing in either direction is ok but better to wait for more information to fully commit.
USDJPY may pullback and provide a buy opportunity
120 or 120.50 is a likely area for a pullback
How long will it last?
Bullish momentum and fundamental lining up slowly...