The USDJPY hovering above 92.95/85 support& below 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


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