Spot USD/JPY Forecast for 03/08 by Daytradeideas.com

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USDJPY has pushed through the Feb highs at 94.77 & reached 95.51. We are now back at levels not seen since mid 2009 & could push on for 95.86. We are getting over bought in the short term so we could fail to push through here but if we do manage to keep heading higher look for 96.31
next.

Support seen today at 95.09/07 & then the previous high at 94.77. If we sink any further look for good support at 94.55/94.48.

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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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