Technical Forecast for JPY/USD
USDJPY unwinding an overbought position & experiencing profit taking as predicted. Look for a test of support at 100.90/80 & below here, 100.10/99.90. We should see the pair bottom out here this week so worth trying longs with stops below 99.60.
If we do happen to push through this week’s high at 102.15 look for the 102.42 target then103.07 but we should struggle at 103.55 this week. Do bear in mind however that we could reach as far as 105.50 in the coming weeks on this next leg higher.
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