USD/JPY Monthly Outlook: Showing Shooting Star At 119.50 Zone
Forex Bonus Lab | Feb 26, 2015 08:20AM ET
USD/JPY is trapped in a range on Daily chart and it looks like it might be sold off first before we see another push to the upside. As we can see on the chart - Daily is showing a huge shooting star at 119.50 zone so it is a good resistance at the moment.
As long as 119.50 is holding the price the pair might look for 117.75 - L5 support. However 118.60 needs to be broken first if the pair is meant to proceed lower to test 118.00 first, following with 117.75.
The second possibility is that if 118.60 holds the pair might spike up to test 119.25 but still 119.50 should provide resistance.
The analysis is supplied by the Forex Bonus Lab exclusively for investing.com
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