USDJPY – Corrections should be mild; Selling into gains

by Admin

USDJPY – Continued selling (from 96.13, 20th Mar high) was posted yesterday resulting in USDJPY trading to the lowest level in 4 weeks. This bearish momentum has continued overnight but the downside is stalling close to 92.52, 161.8% daily extension level (from 96.71-94.11). There has been mild buying from this level but our prime support is not seen until 92.06 and we have yet to post a higher (intraday) high or low. With these facts in mind we still look to sell into profit taking gains today. The call is Bearish Bias – Looking for signals to sell at 93.10 stop at 93.40. The profit targets will be: 92.52, 92.30 and 92.06

Resistance levels are: 93.12, 93.40 and 93.70