Trading Forecast USD/JPY

May 3, 2011 6:28 AM GMT

HY Markets

 
USD/JPY closed slightly higher on Monday and the mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are overbought and are turning neutral to bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing would temper the near-term bearish outlook. If it extends this month's decline, the 62% retracement level of the rally off March's low crossing is the next downside target.
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Majors Daily Forecast 23 May 2012

EUR/USD Sell at 1.2685 SL 1.2717 TP 1.2608 USD/JPY Sell at 79.84 SL 80.16 TP 79.12 GBP/USD Sell at 1.5767 SL 1.5799 TP 1.5679 USD/CHF Buy at 0.9467 SL 0.9435 TP 0.

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