- Markets wary ahead of the March non-farm payrolls release, USD/JPY trades largely unchanged at the time of writing.
- Price action broke past 50-DMA at 107.05 on Thursday's trade and hit 1-month highs at 107.49.
- Yen demand on the rise again in the Asian session today amid global trade concerns.
- The pair hit session lows at 106.99 before retracing above 107 handle.
- Technical studies for the pair are bullishly aligned and bullish divergence on RSI and Stochs keeps scope for upside.
- Upside is currently struggling at daily cloud base at 107.50, break above will test 38.2% Fib at 108.49.
- On the flipside 50-DMA at 107.03 is immediate support, we see some weakness on close below.
Call update: Our previous call (https://www.econotimes.com/FxWirePro-USD-JPY-tests-236-Fib-at-10701-bias-higher-stay-long-1237823) has hit TP1/2.
Recommendation: Book partial profits at highs. Trail SL to 106.80. Hold for further upside.
FxWirePro Currency Strength Index: FxWirePro's Hourly USD Spot Index was at 110.043 (Bullish), while Hourly JPY Spot Index was at -144.223 (Bearish) at 0500 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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