Spot USD/JPY Forecast for 03/13 by Daytradeideas.com

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USDJPY held on above 95.34/29 support as hoped. Below 95.71/64 today we look for a test of 95.34/29 & we could see a bounce from here again. However a break of 94.85 could keep the pressure on for 94.48/42 to offer a potential buying opportunity this week.

If we can hold above 95.85 we could reach for 96.30. Above here there is a chance we can retest 96.55/71 highs. A push through 96.80 can then target 97.14 & although we are getting very overbought in the short term, 99.74/79 is not out of the question.

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Long term levels

96.55      Last Week’s High

94.77      2013 High

91.41      January High

92.92      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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