USD/JPY made progress last week as more traders seemed to buy into the idea that March may see the first the promised Fed rate hikes. Having said that , once resistance at 114.36 was hit the BULLS left the market very rapidly.
Its unclear what the market mood currently is, but from a technical viewpoint, a move down to 113.30 support looks favourite.
114.46 looks key. This major Fibonacci level has been extremely reliable in the past and has acted as a magnet for USD/JPY.
Trade idea
SELL this pair down to 113.30 initially if we move below 113.80 and see if the H1 200 sma holds the BEARS.
Look to BUY above 114.36
Its unclear what the market mood currently is, but from a technical viewpoint, a move down to 113.30 support looks favourite.
114.46 looks key. This major Fibonacci level has been extremely reliable in the past and has acted as a magnet for USD/JPY.
Trade idea
SELL this pair down to 113.30 initially if we move below 113.80 and see if the H1 200 sma holds the BEARS.
Look to BUY above 114.36
