US$Jpy finished the week on a positive note, assisted by a minor uptick in US yields (US10Y – 2.377%) and still looks pretty firm on all fronts, so trading from the long side is preferred.
1 hour/4 hour indicators: Turning higher
Daily Indicators: Turning higher
Weekly Indicators: Neutral
Preferred Strategy: With the momentum indicators aligning higher, a test of 113.80 would not surprise, beyond which 114.00/05 will see sellers ahead of a possible towards 114.30 and even 114.75. Look to buy dips towards 113.00/10 with a SL placed sub 112.80.
Buy US$Jpy @ 113.10. SL @ 112.85, TP @ 114.20
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