USD/JPY: Will the fundamentals give some direction?
Since dropping below to the 109.00 level in June and finding support at 107.00 price has been stuck within a 200 PIP range, awaiting a bigger move.
Having taken a long trade from the 107.00 level within the community from the level pointed out on my chart, we gained a nice +200 PIP move higher but since we have see price fluctuate between these two levels.
With tomorrows FOMC meeting and Friday’s Non Farm Payroll release this is sure to be a driver for either the USD bulls or bears to make the next big move. A break above 109.00 will see the short term bullish trend continue as we push higher towards 110.00 BUT should the USD bears enter the market we can see targets of 107.00 short term and 106.00 longer term.