USD/JPY: Longs Look Too Risky
Jason Sen | Jul 25, 2017 08:05AM ET
USD/JPY has managed an unexpectedly good bounce to 111.32 as I write. Further gains look likely, targeting quite strong resistance at 111.48/52. Watch for a high for the day. However shorts need stops above 111.75 to target the best selling opportunity of the day at 112.00/10. Try shorts with stops above 112.30.
Failure to beat resistance at 111.48/52 targets 111.15/12 then first support at 111.00/110.95. In oversold conditions it is possible this will hold the downside but longs look too risky. Further losses retest the 110.64/60 level which held perfectly yesterday but a break lower in the bear trend never out of the question for 110.36/32.
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