Good morning Traders and Happy NFP day!
USDJPY
After breaking the strong resistance level at around the 138 level, the market continued higher to print a Daily and a Weekly swing Higher Highs. With the market being very overextended from it’s Moving Averages, a pullback was on the cards.
Drawing the Fibonacci retracement of the latest Daily move, has the 61.8% retracement clustering nicely with the previous daily swing High, which, if drilling into lower timeframes, also shows it acted as a local resistance area.
Currently the market is back within it’s Moving Averages, and I am looking for any signs that the buyers are ready to take control of this market once again, for a potential setup in the direction of the overall trend.
Happy Trading!
