Pick of the Day: USD/JPY

We’ve seen the Yen gain against many different currencies as traders anticipate that the Bank of Japan will finally raise interest rates from 0% to .25%. It seems that this is being priced into USD/JPY as we speak, but will the trend continue right up to the BoJ statement? Who knows? But from what I can see in this pair is that the recent strength in the US dollar may fade as it hits the 38% fib line and seems to resume its downtrend on the hourly chart. Let’s see if we catch a new leg of this move…

Short USDJPY at 113.90, stop at 114.30, pt1 at 113.50, pt2 at 113.20