USD/JPY: Resistance At 98.55
USD/JPY” title=”USD/JPY” border=”0″ height=”317″ width=”906″ />USD/JPY hit strong Fibonacci and 100 day moving average resistance at 98.55 in an overbought market and made a high for the day as predicted. We exited longs and entered shorts with stops above 98.80 and this trade worked perfectly as we topped at 98.59. The short term outlook is now negative and we have already tested immediate support at 98.15/10 this morning. Below 98.00 we should reach trend line and Fibonacci support at 97.60/50 for a buying opportunity. A low for the day is expected here. Exit shorts and try longs with stops below 97.30.If we continue to hold support at 98.15/10, a return to resistance at 98.55/60 cannot be ruled out. This offers a second selling opportunity with stops below 98.75.