Yesterday, USDJPY retraced lower to 103.70 zone in early Asian trading session and moved up back to above 104.10 during US trading session, mainly supported by good US Consumer Confident index and Durable Good Order data. USDJPY traded in a narrow range around 104.00 – 104.200 in late US trading session and closed above 104.00.
Although the medium term trend is bullish but we can see that the short term selling pressure is increasing now, may be it is time to take profit for the long positions last week.
Currently, USDJPY is moving around 104.00 with bias downtrend, we expect USDJPY will move down to test 103.500 today.
Forex Trading Signals:
We will short USDJPY around 104.00 – 104.200 with tight stop and target 103.500 then watching for signals to long US dollar around 103.00 – 103.500.
-103.00 – 103.300
-102.00 – 102.350