USD/JPY: Main Challenge For Bulls Is 104.65/75 Resistance
Jason Sen | Oct 26, 2016 03:15AM ET
USD/JPY first support at 103.78/73 is probably the best for today but longs could be risky after the rejection of the channel trend line yesterday. A break below 103.70 is a sell signal therefore targeting 103.50 then support at 103.15/05.
The 1.5 month trend line resistance at 104.65/75 is the main challenge for bulls again today. Shorts need stops above 104.90. HOWEVER a break (and close for confirmation) above 104.90 is a bullish breakout buy signal and initially targets Fibonacci resistance at 105.30/40.
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