Technical Forecast for USD/JPY
USDJPY recovered above support at 98.76/70 & has beaten resistance at 99.15 as we look to 99.45/50 for a selling opportunity with stops above 99.75. We can then try shorts again at 99.95/100.05 with stops above 100.20.
Below 99.15 however keeps the market under pressure for a retest of 98.76/70. A low for the day is likely at this good support but longs need stops below yesterday’s low at 98.43. Just be aware that if we continue lower perhaps later in the week we should test support at 98.25/20. Any longs here need stops below 4 month trend line support at 98.05.
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