Technical forecast for JPY/USD

jpy

USDJPY unwinding an overbought position & experiencing profit taking as predicted. Look for a test of support at 100.90/80 & below here, 100.10/99.90. We should see the pair bottom out here this week so worth trying longs with stops below 99.60.

If we do happen to push through this week’s high at 102.15 look for the 102.42 target then103.07 but we should struggle at 103.55 this week. Do bear in mind however that we could reach as far as 105.50 in the coming weeks on this next leg higher.

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens. Jason always had an interest in technical analysis throughout his trading career but began to study this area in depth from 2006. www.daytradeideas.com has established itself as the leading provider of... More