The USDJPY took the fib traders for a ride Friday. The cross attempted to break out of the fib range we discussed earlier in the week between 78.51 and 78.30 but could not gather the strength to break the 50 fibs magnetic pull at 78.30. This leaves the pair essentially where it started the day near the top of the fib range around 78.51. Heading into the last day of the week and NFP Friday, the cross could push out of the range. The USDJPY normally has the purist reaction to USD economic data. Any move higher could find resistance at the descending trend line that has capped price action since August around 78.90.
Sup 77.50 77
Res 78.50 78.90
Keane Plan....Looking for a test of either the descending trend line at 78.90 or a pullback towards 77.50 to enter.
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