Technical forecast for USD/JPY

jpy1

USDJPY attempted 95.95/96.05 on Friday where we advised profit taking on longs for a high for the day & the top was 95.81. Last week we hit & held our target & solid long term support at 93.70/50 as predicted. We drifted towards this level again on Friday & we would expect this level to hold on a test this week. Exit shorts & try longs but we need wide stops being a major longer term level, in this case below 92.90. Look for 92.60 on a break lower.

If we do get our hoped-for bounce again today look for a test of 95.09. This is a tough challenge today & we may make it no further. However a break higher cannot be ruled out & could target 95.90/96.05. Use this area for profit taking on any longs once again. However if we push higher again look for 96.54 then 97.19.

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