On the topside; 117.75/118.00 (117.93: 38.2%of 121.84/115.55) will be the immediate resistances. Above here would head on towards descending trend resistance/100 HMA at around 118.20, a break of which would head on towards 119.00 (200 HM) with further minor resistances to be seen at 119.45 (61.8%) and 120.30 (76.4%).
On the downside, minor support will arrive at 116.00 ahead of today’s session low at 115.55. A break of 115.50 (38.2% of 105.18/121.84) would see a deeper selloff with the points to watch being at 114.87 (12 Dec low) and 113.85 (10 Nov low).
Wait for the Fed, but if they are hawkish and set off another run to the topside in the dollar, then in the longer term I still expect it to eventually recover and to head back towards the recent trend high at 121.84. Beyond there would continue towards the 15 July 2007 high at 122.42. In the longer term, the target of 124.13 (17 June 2007 high) will then appear on the horizon, but will take time, given the resistance levels sitting in between..
Economic data highlights will include:
The post USDJPY: A wild ride today, with more of the same ahead by the look of it. appeared first on FX Charts Daily.
The post USDJPY: A wild ride today, with more of the same ahead by the look of it. appeared first on www.forextell.com.