- We can see on the chart, U/J reached the key support level : 103.8. It's also 38.2% Fib Retracement I show on the chart.
The question is: Whether it would break this key support or bounce back ?
I think U/J found its fair value in the range : 105.4 ----103.8. I don't think U/J breaks 103.8 level this week even bad US economic data.
The advance of USDJPY need dynamic from NIKKEI225. Japan economic data seem very positive due to the support from BoJ monetary policy.
Next week,I still keep my LONG USDJPY view:
LONG USDJPY to 104.8 level. Stop Loss at 103