Technical outlook and chart setups:
1. The USD/JPY pair has re-tested 102.60 levels yesterday before pulling back. Please note that fibonacci 0.618 support is also passing through the same region. A break above 102.20 stands higher probability from here on. Recommendations are to remain long, risk is below 101.40.
2. Support is at 104.40, followed by 100.80 and lower while resistance is seen at 102.20/40, followed by 102.80 and 103.00 respectively on this 8H chart view.
3. The structure indicates that USD/JPY should remain bullish till prices stay above 100.80 levels.
Trading recommendations:
Remain long, stop at 100.80 target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Technical analysis of USD/JPY for June 26, 2014 . Thanks for your support on Technical analysis of USD/JPY for June 26, 2014
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