12 May 2015
Technical outlook for USD/JPY – DayTradeIdeas
FXStreet (Barcelona) - Jason Sen of DayTradeIdeas, gives the technical outlook and key upside and downside levels for USD/JPY.
Key Quotes
“USDJPY holding above 120.00/05 targets 120.20/25. If we continue higher look for a selling opportunity at 120.50/55. A good chance of a high for the day but shorts need stops above 120.65 to test April highs at 120.80/84. If we continue higher look for 121.00/05 then 121.20.”
“First support at 120.05/00 but below here look for 119.70/75. If we continue lower look for support at 119.50/45. However a break lower today meets support at 119.25/20 which should hold the downside but below here risks a slide to support at 118.95/90.”
“If we continue lower, trend line support at 118.70/60 is a buying opportunity. Try longs with stops below 118.45 but on a break lower look for support at 118.30/20.”
Key Quotes
“USDJPY holding above 120.00/05 targets 120.20/25. If we continue higher look for a selling opportunity at 120.50/55. A good chance of a high for the day but shorts need stops above 120.65 to test April highs at 120.80/84. If we continue higher look for 121.00/05 then 121.20.”
“First support at 120.05/00 but below here look for 119.70/75. If we continue lower look for support at 119.50/45. However a break lower today meets support at 119.25/20 which should hold the downside but below here risks a slide to support at 118.95/90.”
“If we continue lower, trend line support at 118.70/60 is a buying opportunity. Try longs with stops below 118.45 but on a break lower look for support at 118.30/20.”