USD/JPY: Target Best Selling Opportunity At 112.00/10
Jason Sen | Jul 26, 2017 05:42AM ET
USD/JPY through 111.48/52 to target the best selling opportunity of the day at 112.00/10. Try shorts with stops above 112.30. A break higher however sees 112.10/00 act as strong support to targets 8 month trend line resistance at 112.55/60. Watch for a high for the day, but shorts need stops above 112.85.
Failure to beat resistance at 112.00/10 targets first support at 111.48/52. This could hold the downside initially at least but longs are too risky. If we continue lower look for 111.15/12 then second support at 111.00/110.95. Just be aware that further losses retest the 110.64/60 level which held perfectly this week but a break lower in the bear trend never out of the question for 110.36/32.
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