The USD/JPY has remained in a 30 point range in morning European trading so far and has been unable to take out the resistance capping at 98.00. Expect stops to be building above this level and it looks like it will give way at some stage, given the pullbacks if you can call them that have been very shallow. The next level to target is 100.00.
Be aware that a number of the technical studies on the daily’s are somewhat overbought now, threatening a pullback at some stage to at least the 96.00 level, but i think we need to spike a little higher first. Maybe look to get short on spikes to 100.00 with a stop above.
The EUR/JPY is making new highs above 125.00 at 125.20 as we speak.
