The USDJPY eased back to 93.05/92.95 for our buying opportunity & we bottomed just below at 92.83. We are moving higher again as hoped but should run in to resistance at 93.90/94.05.
Watch for a high for the day here but go with a break higher looking for the 94.46 highs to be tested. If we then break above 94.50 we should continue with the highs of 2010 at 94.80/94.99 likely to be tested. If this does not hold us back look for 95.29.
Support remains at 92.95/85 but below here risks further profit taking down to 92.20/05. We can use this as an opportunity to exit any shorts and buy i to longs with a stop below 91.80 as we look for a low to the correction here.
Long term levels
95.86 Weekly 78.6% Fibonacci
94.06 Last Week’s high
93.99 Monthly 38.2% Fibonacci
91.98 Last Week’s Low
91.48 Weekly 61.8% Fibonacci
86.86 Monthly 23.6% Fibonacci
The article was first published by DayTradeIdeas.com