USDJPY reached our target of 97.19 & then broke 96.44/34 but bounced above excellent short term support at 95.49/38. We now closing in on resistance
USDJPY Daily Forecast - 17 April 2013USDJPY reached our target of 97.19 & then broke 96.44/34 but bounced above excellent short term support at 95.49/38. We now closing in on resistance at 98.20/10 & we could break above here later today for a return to 98.75/85. We cannot rule out continued moves higher to retest the 99.70/95 area. Markets do like to retest big levels but we would see this as another selling opportunity with stops needed above 100.25 to then target 2009 highs of 101.45.
Support today is at the same levels of 97.19 & then 96.44/34 but here we still have excellent short term support at 95.49/38. We would hope for a bounce from here but longs need a stop below 94.90.
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