25 Feb 2015
USD/JPY key support at 118.60/55 – DayTradeIdeas
FXStreet (Barcelona) - Jason Sen of DayTradeIdeas gives the technical outlook and key levels for USD/JPY, noting that the key support at 118.60/55 will determine the direction for the pair.
Key Quotes
“USDJPY has important support at 118.60/55 today & this level will determine direction. A break lower risks a retest of of last week's low of 118.21/16.”
“Try longs with a stop below 118.05. Just be aware that any further weakness is likely to target 117.78/73 before good support at 117.50/45.”
“Holding support at 118.60/55 triggers a bounce to first resistance at 119.00/05. We should struggle here today but if we continue higher look for 119.18/20 and perhaps 119.36/41.”
“A break above meets strong resistance at 119.58/62. Try shorts with a stop above 119.85!! A break higher however targets 119.95/120.00 then 120.32/37 before 2 week highs at 120.45/48.”
Key Quotes
“USDJPY has important support at 118.60/55 today & this level will determine direction. A break lower risks a retest of of last week's low of 118.21/16.”
“Try longs with a stop below 118.05. Just be aware that any further weakness is likely to target 117.78/73 before good support at 117.50/45.”
“Holding support at 118.60/55 triggers a bounce to first resistance at 119.00/05. We should struggle here today but if we continue higher look for 119.18/20 and perhaps 119.36/41.”
“A break above meets strong resistance at 119.58/62. Try shorts with a stop above 119.85!! A break higher however targets 119.95/120.00 then 120.32/37 before 2 week highs at 120.45/48.”