Technical forecast for USD/JPY

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.