115.25 daily Fib support has kept the dollar supported to start the first week of the new month. With the extremely oversold nature of the US dollar, some short covering could create tradable price action to the upside. We're looking to get long USD/JPY on a confirmed break of 115.50, with stops not tighter than 25 points. The target will remain open for now. Back tomorrow morning with an update.

Daily and Weekly Pivot Points

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

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