The USD/JPY spiked after Friday’s NFP and at this point we can see a consolidation at the upper range, between two important pivots.
The USD/JPY is trapped between W L3 and W H3 and we could see a range bound market until any of these levels break. 109.90 and 109.04 is the range. 1h momentum candle or 4h close above or below these levels should provide a continuation move. Above 110.00 we should see 110.20 and 110.60 while below 109.00, 108.50 should be next. However bulls are still in small advantage, so you could possibly scalp lower timeframes (5m) to the long side towards D L3 and W L3.
Many green pips,
Nenad Kerkez aka Tarantula FX
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