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USD/JPY Forecast: Running Into Major Resistance

Published 05/19/2013, 03:37 AM
Updated 07/09/2023, 06:31 AM
USD/JPY
USD/JPY is struggling at 102.76. We need to be aware that we are now running in to major resistance at 102.90 to 103.07. This relates to a 13 year Fibonacci level and being so overbought on daily and weekly charts we should in theory come to a halt here. It may be wise to exit longs and try shorts as we approach this band and we need to use wide stops on shorts above 103.55.

Support at 101.95/85 then 101.42. However any further weakness could target 100.60/40 for a short term buying opportunity with stops below 99.90.

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