USD/JPY: Shorts Need Stops Above 107.00
Jason Sen | Jul 28, 2016 09:09AM ET
USD/JPY holding below first resistance at 105.50/60 targets 104.80 and minor support at 104.65/60 before the best support of the day at 104.30/20.
Try longs with stops below 103.90. However a break below 104.00 is a sell signal and targets 103.60 then only minor support at 103.30/20.
First resistance at 105.50/60 but shorts need stops above 106.00. A break higher targets 106.15 then 106.48/53. We have strong resistance from here up to 106.60/70 as you may remember and this is still relevant.
Shorts need stops above 107.00. We need a close (preferably a weekly close tomorrow) above 107.00 to confirm further recovery in August.
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