Technical forecast for USD/JPY

jpy2

USDJPY broke 98.25/20 to reach 97.73. We are now testing resistance at 98.41 but above 98.50 allows a move towards resistance at 98.77/83. This area could hold the topside but if we continue higher look for a target of 99.15/17 before strong resistance at 99.46/51 for a selling opportunity with stops above 99.65.

Failure to beat 98.41 sees a drift lower to 98.19 then 98.00/95. Below here risks a retest of yesterday’s low at 97.73 & from here down to very good support at 97.60 offers an excellent buying opportunity with stops below 97.45.

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