FxWirePro: USD/JPY holds 61.8% Fibo support, retakes 102 handle, good to long dips

13 September 2016, 16:22
Eko Rediantoro
0
19

  • USD/JPY retraces from session lows at 101.42, retakes the 102 handle.
     
  • Downside finds strong support at 101.36 (61.8% Fib), we see weakness only on break below.
     
  • Major support levels - 101.75 (20-DMA), 101.36 (61.8% Fib), 101.20 (Sept 7 low), 101 (trendline)
     
  • Major resistance levels - 102.11 (5-DMA), 102.49 (38.2% Fib), 102.66 (Sept 12 high)
     
  • Close below 20-DMA (101.75) to see test of 101. On the flipside, break above 5-DMA will see test of 102.50 and the 103 levels.
     
  • Intraday techs on daily charts are slightly bullish, we recommend going long on dips.

Recommendation: Long dips around 101.80, SL: 101.30, TP: 102.10/ 102.50/ 103
 


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