USD/JPY starting March below major resistance

USDJYP 1st March

USD/JPY stayed in this range 120.60 to 116.85 during February 2015. This is a consolidation area and the economic events during february did not push this pair to test strong resistance or a strong support. In march, things might change. The USD/JPY has the following major resistance and support levels:

  • RESISTANCE: 120.45
  • SUPPORT: 116.85

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

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

  • Sell: at 116.70 – Take profit 116 (70 pips profits)
  • Buy: at 120.50 – Take Profit 121 (50 pips profits)
  • Buy: at 119 – Take Profit 120 (100 pips profits)

QUICK HINT: USD/JPY is becoming too dangerous pair. At this area, you must watch the market closely, breaking in any side (up or down) will send the market directly to the new area and it will stay for a while there. Take care

This review is valid during trading week: 2nd-6th March, 2015