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Spot USD/JPY: Highs Could Be Retested

Published 02/06/2013, 06:35 AM
Updated 07/09/2023, 06:31 AM
Spot <span class=USD/JPY" title="Spot USD/JPY" width="982" height="329" />
The USD/JPY hit our target of 93.99 for the week. This is a major long term yearly resistance level. Here we are expected to struggle and possibly hit profit taking. There is a good chance we now drift lower in to the end of the week and this level markets the high for now. We are looking for a move back to 93.15/05 but we could continue lower to better support at 92.58/45.

93.99/94.07 should remain tough resistance and could hold on a retest. If however we break above 94.25 then the bull markets should continue with the highs of 2010 at 94.80/94.99 likely to be tested.

Latest comments

GOOD ANALYSIS MY FRIEND, from basic trend observation, i dont see the bears taking the day any time soon. part reason why i like to trade the JPY is that the trend is always definite...i know i can place a trade for a week long and still be sure it'll be a bullish trend at the end of it all. but i also cant rule out the possibilityy of a reversal anytime soon.
Hi I agree...it is an incredible bull trend and number one rule is always to follow the trend until you see a reversal pattern....I just have a feeling this is such a major level that it will trigger some profit taking.
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