The pair has pushed below former lows at 1.3950. The daily low is 1.3933 and a break below this would signal a move to 1.3900. Short term trend line support is also just above this level currently. Failure to hold would provide a target of recent swing lows at 1.3850.
A push through 1.4000 targets 1.4050. Beyond 1.4130 and 1.4200, if rates continue to push higher.
Daily trend is still up.
USD/JPY Early Break
In early trading Tokyo trading the pair broke above a range which had been in place for nearly two days. This break puts initial targets 95.80. Minor resistance if every 20 pips higher till the 96.60 level.
A break back below 95.00 would indicate a false breakout and a test of the lows at 94.60. If rates move below this the next profit target is 94.00
Forex Trading Analysis written by Jason Alan Jankovsky, featured by forexpros.com.
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