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.
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.