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
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