Technical forecast for USD/JPY

jpy1

USDJPY held above support at 100.90/80 & broke this week’s high at 102.15 to hit our 102.42 target & the outlook remains strong so watch for a break higher to target 103.07. If we keep going we should struggle at 103.55 resistance this week & this could mark the high if seen. Do bear in mind however that we could reach as far as 105.50 in the coming weeks on this next leg higher.

Support at 102.15/05 then 101.35/25.

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