Spot USD/JPY Forecast for 02/25 by Daytradeideas.com

USDJPY surprised with a retest of 94.35/45 highs as we ran over to 94.77. Less surprising was that we failed to hold this level & should now test support at 93.18. Below here we should see last week’s low at 92.77 & a break lower is very possible this week for 92.21. This is excellent support & should hold on the first test so we expect for a bounce from here at this stage. However a break below 91.90 leads us towards 91.41.

Resistance at 93.80 but above 94.20 we could retest 94.70/77 highs.

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Long term levels

94.46     2013 High

94.22     Last Week’s high

93.99     Monthly 38.2% Fibonacci

92.77     Last Week’s Low

90.37     Weekly 23.6% Fibonacci

86.86     Monthly 23.6% Fibonacci