USD/JPY looks to be building another head of steam for a run up into 119.00, though it’s finding it tough to crack the level right now.
Intraday the picture is quite clear for the levels to watch.
USD/JPY H4 chart 02 12 2014
Further out, a run to 120 brings the final of the long term fibs, the 61.8 of the 1998 swing down at 120.13. It’s close enough to the 120 level to probably have an added impact there, as if 120 does go then the follow through will likely take it out anyway.
Lots of decent data from the US this week culminating in the jobs report on Friday. As we’ve seen previously the upside moves have been tepid on the good numbers so the risk is on a bad number. Lot’s of water to go under the bridge until then though.
