30 Apr 2015
USD/JPY immediate resistance at 119.30/35 – DayTradeIdeas
FXStreet (Barcelona) - Jason Sen of DayTradeIdeas, gives the technical outlook and key levels for USD/JPY.
Key Quotes
“USDJPY below 118.85/80 again today risks a retest of important trend line & support at April lows at 118.60/50. This could hold the downside for the second day but a break lower risks a retest of March lows & Fibonacci support at 118.30/20. This is the last line of defence for bulls this week. Try longs with wide stops below 118.00.”
“First resistance at the 100 day moving average at 119.30/35. Shorts here need stops above 119.45. A break higher is more positive & targets resistance at 119.65/75 with a high for the day possible. Try shorts with stops above 119.85. Be ready to go with a break higher to target 120.15/20.”
Key Quotes
“USDJPY below 118.85/80 again today risks a retest of important trend line & support at April lows at 118.60/50. This could hold the downside for the second day but a break lower risks a retest of March lows & Fibonacci support at 118.30/20. This is the last line of defence for bulls this week. Try longs with wide stops below 118.00.”
“First resistance at the 100 day moving average at 119.30/35. Shorts here need stops above 119.45. A break higher is more positive & targets resistance at 119.65/75 with a high for the day possible. Try shorts with stops above 119.85. Be ready to go with a break higher to target 120.15/20.”