Spot USD/JPY Forecast for 01/27 January by Daytradeideas.com
By Jason Sen | January 28, 2013 9:38 AM EST
The USDJPY broke 90.13/25 highs and continued through the next target of 90.79 reaching 91.19. This week we are looking for 91.48 as the next target. This may trigger some profit taking so watch for a pull back but if we break higher again in this powerful run look for 92.08/12.
A drift lower should find support at 90.46 then 90.00. Unlikely we fall any further for today but look for 89.63 then 89.26 as further support.
Long term levels
95.86 Weekly 78.6% Fibonacci
93.99 Monthly 38.2% Fibonacci
91.48 Weekly 61.8% Fibonacci
91.19 Last Week’s high
88.06 Last Week’s Low
86.86 Monthly 23.6% Fibonacci
The article was first published by DayTradeIdeas.com