USD/JPY: Below 118.85/80 Again Risks Retest Of Important Trend Line
Jason Sen | Apr 30, 2015 07:59AM ET
USD/JPY below 118.85/80 again today risks a retest of important trend line and support at April lows at 118.60/50. This could hold the downside for the second day but a break lower risks a retest of March lows and Fibonacci support at 118.30/20. This is the last line of defence for bulls this week. Try longs with wide stops below 118.00.
First resistance at the 100 day moving average at 119.30/35. Shorts here need stops above 119.45. A break higher is more positive and targets resistance at 119.65/75 with a high for the day possible. Try shorts with stops above 119.85. Be ready to go with a break higher to target 120.15/20.
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