Daily Chart
Technical – Upward Trend. Support on 96.85 (Fibonacci 1, Simple Moving Average and Horizontal Line).
Fundamental – Just got the news that Japan’s Prelim Industrial Production M/M dropped -9.4% vs expectation of -9.1%. This is bad for the yen and coupled with the USD’s possible pullback continuation this week, this pair could move up this week.
Potential Strategy: BUY USD/JPY when setup appears.
Hourly Chart
Technical – Support seen at 97.66 – 97.85 (SMA, Fibo 1 and Fibo2).
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