29 Jan 2015
USD/JPY might break above its 5 day range – DayTradeIdeas
FXStreet (Barcelona) - Jason Sen of DayTradeIdeas, feels that USD/JPY has a good chance to move higher and the break the 5-day range, a break higher might target 119.30/35 levels.
Key Quotes
“USDJPY holding below 117.75/70 targets support at 117.35/25. On a break lower this week look for good support at 117.00/96. Try longs with stops below 116.80. Be ready to go with a break lower using 117.00 as resistance to target 116.50/45 then 116.05/00 before January lows at 115.82.”
“First resistance at 117.75/70 but above here targets resistance at 118.20/25. A break higher today meets strong resistance again at 118.80/85. Try shorts with a stop above 119.00.”
“A break above the five-day range today is positive, so be ready to go with a break to target 119.30/35 and perhaps as far as trend line resistance at 119.70. A good chance of a high for the day here but if we continue higher this week look for 119.88/96.”
Key Quotes
“USDJPY holding below 117.75/70 targets support at 117.35/25. On a break lower this week look for good support at 117.00/96. Try longs with stops below 116.80. Be ready to go with a break lower using 117.00 as resistance to target 116.50/45 then 116.05/00 before January lows at 115.82.”
“First resistance at 117.75/70 but above here targets resistance at 118.20/25. A break higher today meets strong resistance again at 118.80/85. Try shorts with a stop above 119.00.”
“A break above the five-day range today is positive, so be ready to go with a break to target 119.30/35 and perhaps as far as trend line resistance at 119.70. A good chance of a high for the day here but if we continue higher this week look for 119.88/96.”