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USD/JPY Breaks Loose, Looking to Sell

Posted on May 14, 2009 at 17:37 in Trading Desk by Ryan O'Keefe

Dollar / Yen finally broke through daily chart consolidation with some gusto yesterday which brings into play previous support between $96 and $96.50. If these previous support zones provide resistance the pair may give us some selling opportunities into our new found daily chart down trend.

Using some simple Fibonacci it appears the next support targets with price action confirmation could be $94.27 (50%) followed by $92.50 (61.8%).

Best of luck,

Ryan

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