theforexportal
Short

USD/JPY cooling down?

FX:USDJPY   U.S. Dollar / Japanese Yen
USD/JPY made progress last week as more traders seemed to buy into the idea that March may see the first the promised Fed rate hikes. Having said that , once resistance at 114.36 was hit the BULLS left the market very rapidly.
Its unclear what the market mood currently is, but from a technical viewpoint, a move down to 113.30 support looks favourite.
114.46 looks key. This major Fibonacci level has been extremely reliable in the past and has acted as a magnet for USD/JPY .

Trade idea
SELL this pair down to 113.30 initially if we move below 113.80 and see if the H1 200 sma holds the BEARS.
Look to BUY above 114.36

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