USD/JPY Back Above 102 To Test Resistance
Jason Sen | Jun 29, 2016 12:51AM ET
USD/JPY back above 102.00 to test resistance at 102.94/99 as we become overbought short term. Shorts need stops above 103.20 but a break higher sees 102.99/95 working as support to target 103.55/59 and perhaps as far as strong resistance at 103.70/75 for profit-taking on any longs. Try shorts with stops above 104.10.
Failure to beat first resistance at 102.94/99, as is likely, targets 102.50/45, perhaps as far as strong support at 102.05/00. Try longs with stops below 101.70. A break lower sees 101.95/102.00 working as resistance to target 101.45/40 for profit taking shorts. If we continue lower look for a test of support at 101.10/101.00.
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