Spot USD/JPY Forecast for 01/29 January by Daytradeideas.com

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