Sort of follow the weak dollar trade
The USDJPY has been chopping around with a slight negative bias today. The high price in the Asian Pacific session stayed below the 38.2% retracement and the high from yesterday's NA session at the 112.67-69 area (the high reached 112.65). The low reached in the current hourly bar extended the range to 1.1210. The low yesterday stalled at 112.00.
Although moving lower, the pair is very choppy. Month end/quarter end/Japanese year end and US employment tomorrow makes the action unappealing. If you are inclined to get involved the bias is more negative (see hourly chart above) but that could reverse at any time. A move below the 112.00 is the next downside target to get to and through. ON the topside trend line in the chart above comes in at 112.39 currently.
