23 Mar 2015
USD/JPY support at 119.70/65 key to direction – DayTradeIdeas
FXStreet (Barcelona) - Jason Sen of DayTradeIdeas, gives the technical outlook and key levels for USD/JPY.
Key Quotes
“USDJPY has good support at 119.70/65 and this is the key to direction today. Holding on here triggers a recovery to 120.15/20. If this does not hold a move higher for a test of strong resistance at 120.55/60. Try shorts with stops above 120.80. Be ready to go with a break higher however using 120.60/55 as support for a move towards resistance at 121.10/15. Try shorts with stops above 121.30.”
“Failure to hold above good support at 119.70/65 risks a retest of support at last week's low & March lows at 119.38/35.”
“A break below here is obviously significant & risks a slide to 119.10/05 then 118.95/90.”
Key Quotes
“USDJPY has good support at 119.70/65 and this is the key to direction today. Holding on here triggers a recovery to 120.15/20. If this does not hold a move higher for a test of strong resistance at 120.55/60. Try shorts with stops above 120.80. Be ready to go with a break higher however using 120.60/55 as support for a move towards resistance at 121.10/15. Try shorts with stops above 121.30.”
“Failure to hold above good support at 119.70/65 risks a retest of support at last week's low & March lows at 119.38/35.”
“A break below here is obviously significant & risks a slide to 119.10/05 then 118.95/90.”