Yesterday the pair tested the lows in the current range at 1.4120. So far that level has held. A break below indicates a swing down, although a move below 1.4100 would help confirm.
1.4060 is the next support level, and a push below that level likely to test 1.4010-1.4000.
On the upside, resistance is at 1.4200, 1.4220, 1.4260 and the highs of the range just beyond 1.4300.
USD/JPY Swing Down?
The pair broke below support yesterday signaling at least a short-term swing down. Although trendline support at 94.00 needs to be broken to confirm.
Support is at 94.00-93.80, 93.40 and then 93.00.
A push back above 94.80 would indicate a likely test of recent swing highs at 95.20-95.40. A break above that area indicates another move higher.
Forex Analysis by: ForexPros – Written by Cory Mitchell
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.