USD JPY Forex Trading Analysis for Forex Traders

Upside limited now that rate clears stops ahead of 107.80 area; option defense ahead of 108.00. 200 bar MA likely to cap the rate near term. Rate firms up on large cross-spreading traders say; resting order at the 107.50 area to sell the rate should be filled.

Bids noted at 105.70/80 area suggesting a firm bottom is in near-term. Exponential reversal signal still valid, rate is two-way but a correction is coming and should be a low-volume affair. Offers layered to 107.50 some desks report so upside may be labored above the 106.50 area; Expect more two-way action.

USD/JPY Daily

Resistance 3: 108.40/50
Resistance 2: 108.20
Resistance 1: 107.80
Latest New York: 107.57
Support 1: 106.80
Support 2: 106.50
Support 3: 106.20

Data due Tuesday: All times EASTERN (-5 GMT)

1:00am JPY Economy Watchers Current Index
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