Daily Forecast - 01 July 2015

USDJPY Spot

USDJPY

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.

The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.

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