Daily Forecast - 01 July 2015
USDJPY Spot
USDJPY holding above 122.35 allows a move towards first resistance at 122.85. If we continue higher look for stronger resistance at 123.25/35. Sell here, stop 122.50. Target1 @122.90 (trail stop to entry), Trgt2 @122.65. A break above 123.45 however is a positive signal & targets 123.85/90. Any further gains this week meet strong resistance at 124.20/30 for a selling opportunity.
Failure to hold first support at 122.35 risks a retest of this week's low of 122.10/121.92. Be ready to sell a break below to target excellent support at 121.60/55. Buy here, stop 121.25. Target1 @121.95 (trail stop to entry), Trgt2 @122.35 then 122.75. A break below 121.45 however risks a slide to March highs & 100 day moving average support at 120.90/85.
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