Spot USD/JPY Forecast for 02/20 by Daytradeideas.com

USDJPY managed a bounce to resistance at 93.75 but not much further as anticipated. The 93.75/94.00 area could hold any bounce again today with the outlook remaining quite negative.

However above 94.00 we may retest this week’s high at 94.22. Doubtful we can push any higher but a test of 94.40/46 highs should provide a very nice selling opportunity.

Further weakness is expected eventually for a test of good support at 93.00/90. This could provide a floor today if tested but on a break lower, perhaps later in the week we should see 92.65 & then a retest Feb lows at 92.23/17.

Long term levels

95.86     Weekly 78.6% Fibonacci

94.46     Last Week’s high

93.99     Monthly 38.2% Fibonacci

92.23     Last Week’s Low

91.48     Weekly 61.8% Fibonacci

86.86     Monthly 23.6% Fibonacci

The article was first published by DayTradeIdeas.com