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Rally For USD/JPY

By  |  Forex  |  Jan 17, 2013 12:23PM GMT  |   Add a Comment
 
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Spot <a href=USD/JPY" title="Spot USD/JPY" width="983" height="335" />
The USD/JPY did see a rally in to the end of the week as expected, reaching the 88.73/87 target and is pushing through 89.00 for a retest of the highs at 89.50/67. This should be tough to beat with the market severely over bought now and we could hold with this week’s range of 87.80-89.70 for a while longer. However a break higher would then target 90.45/55, possibly 90.84.

A break of 87.60 to the downside should see 87.20 trade on the way to better support at 86.75/86.55. We will look to take profits on shorts here and buy back in to longs with a stop below 86.20.

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