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USD/JPY Forecast: June 4th, 2015

Published 06/04/2015, 01:23 AM
Updated 07/09/2023, 06:31 AM

USD/JPY Chart

USD/JPY severely overbought, and is in need of a correction lower. Failure to get back above 124.45 today targets 124.15/10, then 2 day lows at 123.77/74. Be ready to sell a break below here to target good support at 123.55/50. Buy here, stop 123.35. Target 1 at 123.85 (trail stop to entry), Target 2 at 124.05, then 124.35. However, be ready to sell a break below 123.40 as this would be a negative signal, and targets 123.25/20, then quite good support at 123.10/05 for profit taking on shorts. If we continue lower, however, look for a buying opportunity at 122.70/60. Buy here, stop 122.40. Target 1 at 123.00 (trail stop to entry), Target 2 at 123.25, but we could reach as far as 123.40/45.

Above 124.45 targets yesterday's high at 124.65/68, and if we continue higher, look for a retest of strong resistance at 124.95/125.00. An unexpected break higher, however, targets 125.30/35 then 125.56/70.

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