Spot USD/JPY Forecast for 02/22 by Daytradeideas.com

USDJPY is breaking 93.00/90 for a test of 21 day moving average at 92.57 but if this does not hold look for a retest Feb lows at 92.17/91.98. This is good support & we should start to look over sold in the short term at this stage so watch for a bounce. However be ready to go with a break of 91.79 for 91.26 as the next target & support.

The outlook remains weak & so resistance at 93.46 could hold any bounce but above here we may stretch as far as 93.90/94.10.

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