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USD/JPY : 3 Week Bear Trend Could Restest Yesterday’s Low

USD/JPY : 3 Week Bear Trend Could Restest Yesterday’s Low

USD/JPY” title=”USD/JPY” border=”0″ height=”332″ width=”968″ />USD/JPY broke 97.56/46 but bottomed at 97.11. We have seen a small bounce in this 3 week bear trend and should run in to resistance at 97.90/95. This should hold the topside but any shorts need stops above 98.10. Be ready then to go with a break higher for 98.30 and may be as far as 98.40/45 for a selling opportunity. Expect a high for the day here so exit longs and try shorts with stops above 98.65.Failure to beat 97.90/95 sees a drift lower to 97.55/50. If we continue lower in this 3 week bear trend, look for a retest of yesterday’s low at 97.14/11. If this does not hold the downside today look for 96.91-96.82 with a bounce from here likely. However a break lower should test the 200 day moving average at 96.52 for a buying opportunity.

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