Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

USD/JPY Drifts Without Clear Direction

Published 07/01/2015, 04:29 AM
Updated 07/09/2023, 06:31 AM

USD/JPY Chart

USD/JPY holding above 122.35 allows a move towards first resistance at 122.85. If we continue higher, look for stronger resistance at 123.25/35. Sell here, stop 122.50. Target 1 at 122.90 (trail stop to entry), Target 2 at 122.65. A break above 123.45, however, is a positive signal and targets 123.85/90. Any further gains this week meet strong resistance at 124.20/30 for a selling opportunity.

Failure to hold first support at 122.35 risks a retest of this week's low of 122.10/121.92. Be ready to sell a break below to target excellent support at 121.60/55. Buy here, stop 121.25. Target 1 at 121.95 (trail stop to entry), Target 2 at 122.35, then 122.75. A break below 121.45, however, risks a slide to March highs and 100 day moving average support at 120.90/85.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.