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.
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
The article was first published by DayTradeIdeas.com
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