06.03.2014 - USD/JPY has reached a strong resistance
The price of USD/JPY has reached a strong resistance level 102.70. Despite the weakening of the U.S. dollar against the weak statistics on the labor market, the price of the Japanese yen continued its decline. Growth in sales of the yen against the Australian dollar has been caused by strong statistics on the trade balance and retail sales in Australia. Securing above 102.70 level on the first attempt is unlikely, so we expect the price correction. First goal in case of reduction will be at 102.30.
Further movement of the pair will depend on the statistics on unemployment in the United States, which will be published tomorrow. We keep our positive long term outlook for USD/JPY. The signals to buy will be fixing the price above the resistance level 102.70.
Wish you the profits!
FXFINPRO Capital Analytical department.