Daily Insight: USD/JPY Breaks Support, Looking To Drive Lower
Matt Simpson | Mar 26, 2015 03:20AM ET
MARKET SNAPSHOT:
UP NEXT:
TECHNICAL ANALYSIS:
AUD/USD:
The Aussie did grind lower in accordance with yesterday's chart but it did take its time and create a new high first. However as I have been stating many times recently, trading conditions are (and likely to remain) choppy for a while, so prevision S/R levels are seemingly a rarer treat.
This means if you are to trade at all, a combination of wider stops, conservative reward/risk ratio's and short hold times may be more beneficial.
That said, due to the fact we have created a lower high / low combination after breaking the trendline I am seeking another low. Due to the spikey nature of price action I would consider a sell-limit closer to the daily pivot to assume a deeper eventual retracement.
USD/JPY:
It seems that to defy my video earlier today, USD/JPY has broken key support and now looking to drive lower. The 119.20 resistance is an area to consider fading into with stop above to target the 118.50-63 support zone.
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A break back above 1.119.20 then puts the original bias in today;s video back into play.
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