USD/JPY Aiming For 121.50
Admirals | Jul 01, 2015 04:02AM ET
USD/JPY aiming for 121.50
Monday retail sales in Japan expanded by 1.7 % vs forecast of 1 % increase. Yen also strengthened due to Greece uncertainty and safe haven flows.
Technically, the pair reached weekly L5, which marks strong support, and pullback towards POC could give us an opportunity to short it again. POC comes at 123.20-30 zone (L3, 61.8, previous swing), and it should provide shorting opportunities towards 121.50, next level if L5 breaks. For the pair to remain bearish, 124.05 should hold as we have 2 trend line cross, and previous swing high as a resistance
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