Spot USD/JPY Forecast for 03/04 by Daytradeideas.com

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