USD/JPY: Expect a volatile 48 hours but 103.70/105.50 set to hold
The uptrend since 97.00 has been quite steep and almost without retracement. The market is very bullish but if/when the retracement comes, it will be just as steep. Important technical resistance at 105.50 continues to cap but a break above there will open up another 500/600 pip window.
So how to trade this pair? With caution I’d suggest! Play as close to the edges of the established technical range at 103.70/105.50 and be patient; we may see both sides on a few occasions.