Well we got a sizeable miss but it wasn’t as big as I was hoping for. The market wrote it off as a one off but now traders are deciding how to finish the week.
One thing that’s clear is the strength of the appetite of the dip buyers and that’s our first clue we’ve gained today.
There’s still a chance that we might see lower levels in USD/JPY in the second phase of the NFP move as traders may look to take some profits from the break above 105 this week. Support at 104.80/85 may have been smoked but we’ll see if any comes back in otherwise we’ll be looking lower. We’ve got support on the 4 hourly chart at 104.75/77 so it will take a break of that to throw us lower.
USD/JPY H4 chart 05 09 2014
If you missed out on buying USD/JPY on the run up then a decent dip may give you the “in” you’re looking for but I want a test towards the low 104’s myself before stepping in.
