Spot USD/JPY Forecast for 02/26 by Daytradeideas.com

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USDJPY took a huge tumble towards weekly Fibonacci support at 90.61. We bounced just above here & have failed below 92.36 resistance so far. Although the daily outlook remains negative there is still a small chance we can push higher for 92.82. Doubtful we will continue up from here but if we do see a break look for very tough resistance at 93.20/30 & what could be a good selling opportunity.

Immediate support is at 91.80 but below 91.40 we should retest 90.90/60 support. The daily picture remains negative so a break of 90.30 would not a be a surprise and could target 89.86/70.

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Long term levels

94.46     2013 High

94.22     Last Week’s high

93.99     Monthly 38.2% Fibonacci

92.77     Last Week’s Low

90.37     Weekly 23.6% Fibonacci

86.86     Monthly 23.6% Fibonacci

 

The article was first published by DayTradeIdeas.com

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