Technical Outlook: Sliding to 106 or a move to 109?

USD JYP

USD/JPY is still in the ping-pong mood (mood where the pair bounce between two levels). In our case, the USD/JPY has the following major resistance and support levels:

  • RESISTANCE: 110.08
  • SUPPORT: 106.90

Breaking these levels in any direction will take us higher or lower.

My Daily BUY/SELL advice (30 pips stop loss applied):

  • Sell: Do not sell
  • Buy: at 107 – Take Profit 107.30 (30 pips profits)

QUICK HINT: USD/JPY is still bearish but, the trend is weaker. As you knew bulls are watching closely to enter again – Take quick trades and do not over wait till it hits the previously mentioned targets, if you feel that the trend lost momentum, get out with the achieved profits.

  • This signal is valid on Monday 13th, October 2014