USDJPY hit & held resistance at last week's high of 108.31/35. Any shorts here worked perfectly as the pair dipped to good support at 107.63/60 for a
USD/JPY Spot Daily Forecast - 28 October 2014USDJPY hit & held resistance at last week’s high of 108.31/35. Any shorts here worked perfectly as the pair dipped to good support at 107.63/60 for a buying opportunity & bottomed exactly here. Outlook is more mixed today so trade this range again while we wait for a breakout. Longs at 107.63/60 today need stops below 107.45. Be ready to go with a break lower using 107.63/60 as resistance & look for a move towards support at 107.15/13 for a buying opportunity with stops below 106.95.
Immediate resistance at 108.50/10 but above here can retest 108.31/35. A break higher is possible today so shorts need stops above 108.45. Be ready to go with a break higher to target 108.70/75. If we continue higher look for a selling opportunity at 108.90/95, with stops above 109.10.
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