USD/JPY closed well above the 117.00 mark on Friday and is setting up for a stop run, channel support test before continuing higher towards 118.00. USD/JPY is trading along side of EUR/JPY, which has a significant resistance test of its own at 150.00.

Look to buy some USD/JPY on the cheap at 116.85 with stops below 116.50 at 116.44. The final target is 1.0 Fib Projection at 118.00, but look to take some partial profits along the way at 117.40 resistance.

Look for action to slow down a bit this week, even more so than it has been, ahead of Thursday's ECB rate announcement and Friday's Non-Farm Payroll Report.

Todd Gordon is a Technical Currency Strategist and Fund Trader with GAIN Capital Group.

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The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.