The USD/JPY is Making a Beeline for 111.00
The USD/JPY has been broken through key support and is now moving towards 111.00.
The USD/JPY was one of the bigger movers in trading yesterday. And for the most part, it was the JPY that was the key contributor.
The BOJ has trimmed their asset purchases and this rallied the JPY. As a result, the USD/JPY tumbled and we broke out of the trading range that has been in place since early December.
Key Support Levels
112.00 was the previous support level that had been in place during that time. It had been tested on three previous occasions and held up well.
However, thanks to the BOJ it basically didn’t fire a shot. Price slid straight on through and we are now clearly targeting the next level below. Looking at the 240 min chart, we can see that price has pulled back a touch and there are some bullish candles.
This might give us an opportunity to sell on any further drift higher. Any USD weakness will almost certainly send us tanking into 111.00.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Related Articles
Comments
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals