A bearish session for the USD today and a short was taken in the USDJPY risking 20 pips for a potential 57 pips to our daily target at 113.03.
The USDJPY had been a very quiet pair with a tight daily range all summer. In the third week of September, it began to move higher, with one pullback before pushing higher to the 113.50 level. This has gotten the attention of traders as its daily range has increased considerably since this last move above 110.00.
Today as the U.S. session got underway the USDJPY made a very brief move above its Asian session high then immediately began to move lower. Sellers remained in control until the 113.30 level where buyers entered and we closed the trade at the Asian session low.
On Thursday, U.S. initial jobless claims and PPI numbers will be closely watched.
Good luck with your trading!
