Daily Forecast - 21 October 2014
USDJPY Spot
USDJPY edged higher but held below strong resistance at 107.50/55. Immediate support at 106.70/65 did hold the downside as expected, but below here today look for a buying opportunity at 106.35/30. Outlook is positive & this could hold the downside. Exit shorts & try longs with stops below 106.15. A break lower risks a retest of Thursday's low at 105.60/50.
Immediate resistance at 106.95/107.00 but outlook is more positive & above here we could try to reach 107.35/45. Any shorts need stops above 107.55. Be ready to go with a break higher to target 107.80 then a short term selling opportunity at 108.00/10, with stops above 108.25.
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