Friday’s NFP report had the potential to re-stoke risk aversion, and price action in the Yen indicated as such in the immediate aftermath of the print as we finally saw prices break below 121.50, printing a lower-low at 120.81 ahead of last week’s close. But since, we’ve seen bullish price action thus far on the new week, and with yet another false down-side breakout in EUR/JPY, traders should approach short-side continuation strategies with caution. ...
There is support between 6230 and 6200, with the 6/1 swing low at 6149 as the next level of significant support. As long as the spike day high (6323) keeps a lid on the market, we expect the market to be range-bound, with weakness unfolding in the very near-term. A range-bound UK stock market and currency as the next two weeks up to the EU referendum makes sense on this end as the pendulum swings from ‘stay’ to ‘leave’ within its own slight ...
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