USD/JPY: A Buying Opportunity
Jason Sen | Oct 15, 2014 02:22AM ET
USDJPY halted 9 pips below our target of 107.40/50 to retest good support at 106.80/70 for a buying opportunity and bottomed exactly here as expected. This should end the 2 week correction as stated yesterday. Already we have bounced to our target of 107.40/50 for a 60 pip profit. We should struggle here but the outlook has turned positive. Any shorts here need stops above 107.60 therefore. Be ready to go with a break higher then to target resistance at 108.00/10. A high for the day expected but any shorts need stops above 108.25.
Any return to 106.80/70 offers a third buying opportunity and a low for the day expected. However longs need stops below 106.50. Although a break lower is not expected, if it is seen we could then target 106.10/00.
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