USDJPY accumulating below 114.95/115
The Dollar is extremely well bid against the Yen as we head into Non-Farm Pay Rolls and may even break higher before the number. We are anticipating an eventual move to 117 - 117.50 over the coming weeks, however, the path higher is far from clear.
Initial resistance is 114.95/115, already tested earlier the session. The figure could well go today, but further resistance lies just ahead; with 50% of the down-move at 115.12. Beyond there, we have the 115.40 - 115.65 zone, which sparked two bearish reversals in late January. Assuming an in line jobs print, this zone seems like a logical target for end of week. In the event of a substantially stronger than anticipated jobs number; we see a move to the 115.95 - 116.25 zone, marked by the 61.8 fib at 115.94.
Initial support is today's low around 114.25, with more important support seen in the 113.55 - 113.80 zone, and a breach of there invalidating our bullish bias.
Initial resistance is 114.95/115, already tested earlier the session. The figure could well go today, but further resistance lies just ahead; with 50% of the down-move at 115.12. Beyond there, we have the 115.40 - 115.65 zone, which sparked two bearish reversals in late January. Assuming an in line jobs print, this zone seems like a logical target for end of week. In the event of a substantially stronger than anticipated jobs number; we see a move to the 115.95 - 116.25 zone, marked by the 61.8 fib at 115.94.
Initial support is today's low around 114.25, with more important support seen in the 113.55 - 113.80 zone, and a breach of there invalidating our bullish bias.
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