USDJYP FORECAST, 11th March, 2015

USD/JPY forecast before Federal Budget Balance & Core Retail Sales

USDJYP FORECAST, 11th March, 2015

USD/JPY finally broke important resistance at: 120.45 level and tested 122 level yesterday in the morning (during the asian session) . My expectation was perfectly correct, as you can see USD/JPY is ongoing hot battle field between the bulls and the bears. The bulls still have the enough control to test 122 level again and I am expecting another break trying to touch one of these levels (123-124). The USD/JPY has the following major resistance and support levels:

  • RESISTANCE: 123
  • SUPPORT: 118.20

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

My Daily BUY/SELL advice (50 pips stop loss applied):

  • Sell: at 122.5 – Take profit 122 (50 pips profits)
  • Buy: at 121.5 – Take Profit 122 (50 pips profits)
  • Buy: at 120.5 – Take Profit 121 (50 pips profits)

QUICK HINT: USD/JPY is still too dangerous!. Take care

This review is valid during trading week: 11th-13th March, 2015