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Spot USD/JPY Testing Support

By  |  Forex  |  Jan 31, 2013 11:27AM GMT  |   Add a Comment
Spot USD/JPY Testing Support
By   |  Jan 31, 2013 11:27AM GMT

The USD/JPY fell just a fraction short of our next target of 91.48 which we expected to trigger some profit taking. We should now test support at 90.62 with the chance of a low for the day here but a break lower is a possibility and should then target 90.13. This should be a buying opportunity today with a bounce expected but stops needed on longs below 89.70.

91.41/48 is resistance today of course but if we break higher to continue the 4 month bull run, look for 92.08/12 as the next target.
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