USDJPY: Buying into short term weakness
|US$Jpy bounced off support at 111.95/112.00 to finish Friday near session highs of 112.73, underpinned by the rise in US stocks.
1 hour/4 hour indicators: Turning higher
Daily Indicators: Neutral
Weekly Indicators: Neutral
Preferred Strategy: Although the daily charts remain neutral, the short term momentum indicators point higher at the start of the week and if 112.75/85 can be overcome we could then see a return to 113.00 and above, where 113.20/25 should see sellers ahead of the December high of 113.75.
Dips could see a run back to 112.00/20 but buying into short term weakness currently seems to be the plan, with a tight SL placed below 111.90
Buy US$Jpy @ 112.20. SL @ 111.85, TP @ 113.25
Economic data highlights will include:
M: Trade Balance
T: All Industry Activity Index
W: BOJ Interest Rate Decision, Press Conference, Statement
T:
F:
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