Despite the significant bear break post-FOMC, firm support at 119.38 has just held as we stated in our last report "we see a rebound bias this week and still see upside extension risk into month-end" and "we see an upside bias for 120.70; break here aims for 121.09".
The early March push through the December cycle high at 121.86 set a far more bullish tone to leave a bull theme for latter March.
- We see an upside bias for 121.09; break here aims for 121.42, 121.58 and 121.68.
- But below 120.44 opens risk down to 120.00, maybe 119.67, which we would look to try to hold.
A taster of the report above. To view the full USDJPY report with screencasts, levels and more, click here
Remember, for a FREE trial of our FX and all other reports, sign up by clicking here
2 Hour USDJPY Chart