USD/JPY Forecast for 3rd June 2013

jpy

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.

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