USD/JPY direction is very difficult to judge as we trade in a 300 pip range. First 114.00/113.90 should be tough to beat but above here targets 114.25/29. If we continue higher, look for strong resistance at 114.85/75. Shorts need stops above 115.00 with further gains to target 115.25/35 before the range high at 115.55/60. Just be aware that a break higher this week targets 115.95/116.00.
Holding below 114.00/113.90 re-targets 113.60/55. On further losses today look for 113.15/10 before the correction low at 112.55/50. A break below here is a short term sell signal targeting important support at 112.00/111.95.
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