107.00 is Key

Today, we will be looking at the USDJPY, we can note from May 2019 a fall all the way to 104.45, which ties in with support form March 2018. After some consolidation, we have moved up rejecting the 108.50 area, and the 50% fib from the move down.

We have now seen 2 rejections from 108.50, with this rejection quite strong. We fell to another important level of 107.00 and the 38% fib of 106.93. We will see if this level holds but a break and hold could see some downside, with 106.33 area exposed.

We a reminder of NFP tomorrow so to trade carefully!

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