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Yesterday the pair tested the lows in the current range at 1.4120. So far that level has held. A break below indicates a swing down, although a move below 1.4100 would help confirm.
1.4060 is the next support level, and a push below that level likely to test 1.4010-1.4000.
On the upside, resistance is at 1.4200, 1.4220, 1.4260 and the highs of the range just beyond 1.4300.
USD/JPY Swing Down?
The pair broke below support yesterday signaling at least a short-term swing down. Although trendline support at 94.00 needs to be broken to confirm.
Support is at 94.00-93.80, 93.40 and then 93.00.
A push back above 94.80 would indicate a likely test of recent swing highs at 95.20-95.40. A break above that area indicates another move higher.
Forex Analysis by: ForexPros - Written by Cory Mitchell
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