USD/JPY Forecast for 3rd June 2013

USDJPY was unable to beat 101.70 as feared as we tested 100.30. This week we have support down to the April high of 99.95 but below here we look likely to test the next support at 98.83 & a buying opportunity here this week. We should start to look oversold on the daily chart at this stage so a low for the week is possible but longs need stops below 98.50.

Immediate resistance at 101.05 then 101.60/80 where we should struggle. Watch for a high for the day here so perhaps try shorts with stops above 102.10.