USDJPY forming a flag

6 Nis 2015

After the NFP release, the pair just dropped more than a hundred pip and found a tiny demand that formed during NY session. The demand appears to be strong at the moment and this is also lies within Daily demand that has been retested several times yet it holds strongly. This time, the pair seems no appetite to break that former daily demand and the price just bounced up during Asian session and after Japan econ data that beats expectation (Leading Econ Index). Right now, I am expecting the price to retrace back to former value area during London until NY session then close my trade.