USD/JPY Drifts Without Clear Direction
Jason Sen | Jul 01, 2015 04:29AM ET
USD/JPY holding above 122.35 allows a move towards first resistance at 122.85. If we continue higher, look for stronger resistance at 123.25/35. Sell here, stop 122.50. Target 1 at 122.90 (trail stop to entry), Target 2 at 122.65. A break above 123.45, however, is a positive signal and targets 123.85/90. Any further gains this week meet strong resistance at 124.20/30 for a selling opportunity.
Failure to hold first support at 122.35 risks a retest of this week's low of 122.10/121.92. Be ready to sell a break below to target excellent support at 121.60/55. Buy here, stop 121.25. Target 1 at 121.95 (trail stop to entry), Target 2 at 122.35, then 122.75. A break below 121.45, however, risks a slide to March highs and 100 day moving average support at 120.90/85.
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