The USDJPY drifted lower from 91.26 to test support at 90.50 and bottomed at 90.40. Below here we look for 90.04 to trade. Unlikely we fall any further for today but look for 89.66 then 89.28 as further support if we break lower.
Resistance is at the highs of 91.26 but above here 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.
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
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