USDJPY unexpectedly beat resistance at 93.20/30 to hit trend line resistance at 93.68. We are starting to look over bought in the short term so we could see some profit taking in this session for 93.28/18. Below here 92.82 and then 92.36/27 could be seen. A break below 91.80 could then lead to a test of 90.88 February lows.
A push through 93.70 targets 93.93/94.14. If this does not hold us back look for a move towards the Feb highs at 94.77.
Long term levels
94.77 2013 High
91.41 January High
90.88 Last Week’s Low
90.61 Monthly 23.2% Fibonacci
89.77 55 Day Moving Average
The article was first published by DayTradeIdeas.com
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