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USD/JPY Forecast October 6, 2014, Technical Analysis

By:
Christopher Lewis
Updated: Aug 24, 2015, 22:00 UTC

The USD/JPY pair broke higher during the course of the session on Friday, breaking the top of the hammer, heading into the 110 level. The 110 level above

USD/JPY Forecast October 6, 2014, Technical Analysis

The USD/JPY pair broke higher during the course of the session on Friday, breaking the top of the hammer, heading into the 110 level. The 110 level above of course is massively resistive, and as a result the market needs to close above that level on a daily timeframe in order for us to start buying, which would send the market heading back towards the 115 level, and continue to offer “buy on the dips” type of opportunities. Any pullback from here should offer buying opportunities as well, as the 105 level is the “floor” in this market.

 

USD/JPY Forecast October 6, 2014, Technical Analysis
USD/JPY Forecast October 6, 2014, Technical Analysis

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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