Technical Forecast for USD/JPY
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.
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