Spot USD/JPY Forecast for 03/07 by Daytradeideas.com

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USDJPY is now holding above our support level of 93.05 & below our resistance level of 93.75. A push through 93.75 resistance targets 93.93/94.14. If this does not hold us back look for a move towards the Feb highs at 94.77. A break below 92.90 however, targets 92.64. Below here there is good support at 92.30 but failure could see us testing the next level of 91.97.

 

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Long term levels

94.77      2013 High

91.41      January High

90.88      Last Week’s Low

90.61      Monthly 23.2% Fibonacci

89.77      55 Day Moving Average

 

The article was first published by DayTradeIdeas.com

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