The technical picture on USD/JPY is ambiguous for me now. The demand for the US dollar is supported by a strong report on the US labor market and an increase of the expectations of an interest rate growth in June. At the same time, I don’t exclude a technical correction after a significant rally of the US currency.
I’ve identified the following levels. I’ll look for the entry points, if the price is fixed above/below these markers:
Support – 113.65
Resistance – 114.30
I’ll buy USD/JPY, if the price fixes above the 114.30 level. Potential movement - to 114.75.
I’ll sell, if it overcomes the 113.65 local support. Target movement - to 113.000.