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USD JPY Technical Forex Analysis for Forex Traders

Jason Alan Jankovsky 1 July 2008

Rate continues on follow-on weakness, strong bids noted suggesting a whipsaw bounce is coming. Close back over the 106.00 area suggests a rally soon. Today’s dip under the 105.00 handle lacked conviction and a potential rally may develop early; sell that rally if we get it. In the meantime, OK to liquidate shorts and wait. Exponential reversal signal still valid, rate is two-way but weaker each day.

Stops in the 105.80 area cleared overnight; traders note stops were both ways. COT data show a flip to Yen longs suggesting a bottom is in.

USD/JPY Daily

Resistance 3: 107.80
Resistance 2: 107.20/30
Resistance 1: 106.50
Latest New York: 106.23
Support 1: 10500/104.90
Support 2: 104.50
Support 3: 104.20

Data due Tuesday: All times EASTERN (-5 GMT)

7:50pm JPY Monetary Base y/y

Forex Analysis by Jason Alan Jankovsky at ForexPros.com. For more details about Forex Trading and Tips for decent earnings through Forex Trading, Please check http://www.forexpros.com

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Jason Alan Jankovsky