USD/JPY: Levels, Ranges, Targets

USD/JPY longs encounter many and tough resistance points  starting at 103.54, 103.68, 103.75 and 103.90.  The must break levels to achieve 103.54 begin at 102.77, 103.07, 103.22 and 103.48. Any shot for USD/JPY to see 103.54 then 102.25 and 101.87 must hold. For the week, 103.22 will be the vital break and / or turning point as a sharp reversal is likely at 103.22.

Most vital break points below are located at 100.77 and 100.81. Two downtrend points exist at 102.25 and 101.87. A break of both could see USD/JPY travel to 100’s and 99.00’s before oversold becomes a consideration. What holds USD/JPY from 100.81 and 100.77 are two levels at 101.37 and 101.33.

 

Brian Twomey, Inside the Currency Market, btwomey.com

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