Market Overview

Technical Forecast for USD/JPY

Share:
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.

The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: News Forex Global Economics Markets

 

Related Articles

View Comments and Join the Discussion!