USD/JPY Minor Weakness Only Below 108, Good to Go Long

USD/JPY Minor Weakness Only Below 108, Good to Go Long

12 May 2016, 08:39
Roberto Jacobs
0
5

USD/JPY Minor Weakness Only Below 108, Good to Go Long

  • Major support – 108 (7 day EMA) 
  • Major resistance – 108.81 (21 day MA) 
  • USD/JPY has taken support near 7 day EMA and slightly recovered from that level. It is currently trading around 108.75. 
  • Minor weakness can be seen only below 108 level. Any break below 108 will drag the pair down till 107.45 (Tenken-Sen)/106.99 (61.8% retracement of 105.54 and 109.36). 
  • On the higher side major intraday resistance is around 108.81 and any indicative break above targets 109.50 (61.8% retracement of 111.88 and 105.54). 
  • The pair should break above 109.50 for further upside till 110/110.72.

It is good to buy at dips around 108.75-108.90 with SL around 108 for the TP of 110/110.70

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