USD/JPY fell after testing resistance at 122 level under heavy selling pressure, to find a decent support around 118.31. This move was not fast but, moving back from 118.31 to 120 again was piece of cake for the bulls. I’ve inner voice telling me that this easy uptrend is not the end of this newly-born bullish wave. However, we have 2 important resistance levels to watch at 120.45 and 122.02. If we broke those levels, you should buy and hold for a while till the pair gives a test to 123-124 levels. My previous expectations are the same however, take care from the quick falls, they are extremely dangerous in this area.
Non-farm payroll expectations are high. On 3rd April, 2015, everyone is betting that it will be one of the highest numbers in the NFP history. Personally, I am not that optimistic so, I am expecting NFP to come out around: 290K-300K which is not far away from the last month numbers and it is very supportive for a stronger dollar too.
The USD/JPY has the following major resistance and support levels:
- RESISTANCE: 124
- SUPPORT: 118.20
Breaking these levels in any direction will take us higher or lower.
My Daily BUY/SELL advice (50 pips stop loss applied):
- Sell: at 122.8 – Take profit 122 (80 pips profits)
- Buy: at 119.80 – Take Profit 121 (120 pips profits)
- Buy: at 120.1 – Take Profit 121 (90 pips profits)
This review is valid during trading week(s): 1st-10th April, 2015