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USD/JPY closed last week below the important 105 - 105.30 support. Calendar-light and holiday-shortened week ahead probably means lower participation and some choppy price action, though a substantial move in either direction wouldn't come as a surprise. 102.5 - 103 remains the next target on the downside.
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Sideways start to the week
Currencies started the week sideways, which is not entirely surprising with a very light calendar on Monday and Tuesday plus New Zealand and China on holidays.
There was some USD and JPY buying right at the open but the moves were reversed promptly, producing little follow through so far after the solid U.S. jobs report on Friday.
There was some USD and JPY buying right at the open but the moves were reversed promptly, producing little follow through so far after the solid U.S. jobs report on Friday.