JPY Trading Outlook (03-11-2015)

Medium Term Strategy: Forex Pair of the day

USD/JPY – under pressure

The pair has broken below a rising trend line in place since November 2014 and is posting a pull back on the strong horizontal resistance at 122. Moreover, the daily is reversing down. Then, further weakness is likely with 116 as a first target (December bottom) and 113.40 in extension (horizontal support). A third target is set at 110 (strong horizontal support and overlap). Only a rebound above 122 (strong horizontal resistance) would call for a bullish trend reversal with 126 as a first alternative target (June top) and 127.70 in extension.
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