Technical Forecast for USD/JPY
USDJPY traded down to our predicted low to the correction at 92.20/05 & an opportunity to exit shorts & buy longs stopping below 91.80. This worked perfectly with a low at 92.23 & we shot higher holding resistance at 93.90/94.05. This could hold again today & we may hover below this point for a day or two as we build a medium term topping pattern. However be aware that a break higher could target the 94.36/46 highs. We can try shorts looking for a top, with a stop above 94.55 to target 2010 highs at 94.80/94.99. If this does not hold us back look for 95.29.
Support at 93.34 but below 93.00 look for 92.75 today & a bounce possible. However if we continue lower 92.25/05 is support again but weaker than on Friday and a break below here is expected later in the week so stop below 91.85 to target 91.26.