Thomas Light from Faraday says USD/JPY is trading back at a key level
of support.
Thomas Light: USD/JPY is trading back at a key support level this morning. Looking at the weekly chart you can see that after breaking fresh highs in May, prices have now retraced back down in to the breakout zone. Given the strength of USD/JPY's long term uptrend we expect previous resistance to become new support. Dropping down to the daily chart you can see that the market was quickly bought up this morning as prices threatened to penetrate through support. This provides us with confirmation that support will hold firm. So we are keen to enter on the long side. Stop should go below support at 121.92 with initial profit target coming in at 124.30, secondary target at the recent highs of 125.60
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Faraday — USD/JPY Hits Key Support Zone
June 29, 2015 at 11:04
by K. Prabhu
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