USD/JPY Manages Strong Bounce At 112.45/50
Jason Sen | Feb 12, 2016 03:50AM ET
USD/JPY looks like it has ended the big move to the downside for now. Holding 111.00 is severely oversold conditions should trigger a further recovery. We must hold above 112.50/55 to target 113.14 then strong resistance at 113.47/52. This the main challenge for bulls today and could see a peak. If you want to try shorts use stops above 113.80. A break higher targets quite strong resistance at 114.25. We should struggle here but if we continue higher look for a selling opportunity at 115.00/10.
Failure to beat 112.50/55 targets 111.80 then 111.55. Look for strong support at 111.20/111.00. Try longs with stops below 110.65. A break lower (we need a weekly close to confirm) is a sell signal and targets 110.10/00 today.
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