USDJPY lower as predicted & hit support at 108.10/05 for a buying opportunity with stops below 107.85. However over night we have bottomed at 107.74.
USD/JPY Spot Daily Forecast - 08 October 2014USDJPY lower as predicted & hit support at 108.10/05 for a buying opportunity with stops below 107.85. However over night we have bottomed at 107.74. Above 108.25 today targets resistance at 108.55/60 but we could make it as far as 108.80/90 for a selling opportunity with stops above 109.15.
Failure to beat 108.25 however should trigger a move lower towards yesterday’s low at 107.75. Failure here keeps the market under pressure to target 107.50/40. Oversold short term so a good chance of a bounce from here but longs need stops below 107.30. Go with a break lower to target 107.00.
FX Empire editorial team consists of professional analysts with a combined experience of over 45 years in the financial markets, spanning various fields including the equity, forex, commodities, futures and cryptocurrencies markets.
