Japanese Yen vs US Dollar Forex Analysis
Resistance 3: 105.00
Resistance 2: 104.80
Resistance 1: 104.20/30
Latest New York: 104.00
Support 1: 103.50/60
Support 2: 103.20/30
Support 3: 103.00
Other Things to Watch/Open Trades/News
Still Flat but aggressive traders can sell on a test of the 105.00 area;
Looking at the sell side early this week.
Extra effort by the bulls cleans out stops and makes the 105.00 area in view now. Don’t expect a rally over the 105.00 area to last, need a failure on good volume but rate continues to trade firm; no failure on Friday sets the tone for a test of 105.00 today at some point.
Traders note that the market is still trading technically and expect stops to be run in both directions near-term; expect some volatility. Day traders may get a lot of opportunity as the rate will likely cover a lot of the same ground twice on the hourly time frame.
With rate back under the 104.00 handle expect a bounce from the 103.20/30 area if stops accelerate the move; look to sell that bounce the next 48 hours.
Data due Wednesday All times EASTERN (-5 GMT) Forecast Last
* 1:00am JPY Housing Starts y/y -6.5% -5.0%
* Tentative JPY BOJ Governor Shirakawa Speaks
* 2:00am JPY BOJ Monthly Report
Forex Analysis by Forex Expert Jason Alan Jankovsky at ForexPros.com. For more details about Forex Trading and Tips for decent earnings through Forex Trading, Please check http://www.forexpros.com