USDJPY Outlook

From the FXWW Chatroom: JPY – We had another good US data yesterday and USD/JPY rallied to 114 ( 114.37 in Asia to be precise), as it was after the pair dropped 112.16 where people sold into the dips, a rally yesterday was quicker and stronger than usual. Local players are still consistent sellers on the rally including both corporate and investors, but I feel specs’ market is still short USD/JPY and now buying back interest is getting stronger on back of improved risk-sentiment. I stay long USD/JPY to see another rally to 115 before the payroll Friday, supports  113.60/80  resistances 114.73/115.00.    Another interesting pair is AUD/JPY which is finally breaking 1 month 80/82 range to the top with forming a triple bottom and the cross looks still lagging to equity prices. I also like long AUD/JPY with a target 84.00, supports 81.60/90.

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