Daily Forecast - 12 May 2015
USDJPY Spot
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.
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