Strong report on employment in US that was published on Friday, again put a Japanese Yen under pressure. Seasonal and fundamental factors are directed against Japanese currency, and that’s why we expect its further weakening. As of now currency pair USD/JPY is traded at 103.05 near the last week’s maximum of 103.37.
Trading recommendation: buy the pair with small lots when it breaks through and firmly establishes above the strong intermediate level of support at 103.37. Build up positions in case of firm consolidation of the pair above the level of 103.75 with the first aim of 104.00 and the further 105.00.
Analyst Andrew Batenski