USD/JPY: Shorts At 112.00/10
Jason Sen | Jul 27, 2017 09:27AM ET
USD/JPY shorts at 112.00/10 worked perfectly as all targets as far as second support at 111.00/110.95 are hit. However longs are still too risky and further losses are likely, targeting the 110.64/60 level which held perfectly this week. I do not see this as strong support either so a break lower in the bear trend never out of the question for 110.36/32 and 110.05/00.
If we do see a short term bounce from 110.95 look for 111.30, perhaps as far as resistance at 111.45/50. Gains are likely to be limited but if we unexpectedly reach 112.00/10, try shorts with stops above 112.30.
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