USD/JPY: Holding Below 117.75/70
Jason Sen | Jan 29, 2015 01:01AM ET
USD/JPY holding below 117.75/70 targets support at 117.35/25. On a break lower this week look for good support at 117.00/96. Try longs with stops below 116.80. Be ready to go with a break lower using 117.00 as resistance to target 116.50/45 then 116.05/00 before January lows at 115.82.
First resistance at 117.75/70 but above here targets resistance at 118.20/25. A break higher today meets strong resistance again at 118.80/85. Try shorts with a stop above 119.00. A break above the five-day range today is positive, so be ready to go with a break to target 119.30/35 and perhaps as far as trend line resistance at 119.70. A good chance of a high for the day here but if we continue higher this week look for 119.88/96.
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