Technical forecast for USD/JPY

jpy

USDJPY has sold off over night to 98.43 but we have recovered above support at 98.76/70. The outlook is quite negative with resistance at 99.15 but above here we could stretch to 99.45/50 for a selling opportunity with stops above 99.75.

Below 98.76/70 however keeps the market under pressure for a retest of 98.43 & if we continue lower we should test support at 98.25/20. Any longs here need stops below 4 month trend line support at 98.05.

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