USD/JPY: Will Key Resistance Levels Hold Amidst Oversold Conditions?
2023.08.22 04:53
if you managed to hold longs at strong support at 145.10/144.90 from Friday or jump in early yesterday, the pair shot higher to targets of 145.65 and 146.00 as we look for 147.00.
USD/JPY Chart
severely oversold, so a bounce is possible to minor resistance at 5975/85. Shorts need stops above 5995. Strong resistance at 6015/25. Shorts need stops above 6040.
longs at support at 1.3475/55 are working as we hit the first target of 1.3560. This week I look for 1.3595, 1.3640.
Strong support at 1.3475/65. Longs need stops below 1.3445.
may stabilize for a short period to ease severely oversold conditions, but the trend is definitely negative.
Although I would not try a long, a bounce to resistance at 6460/80 is certainly possible. Shorts need stops above 6510.
Targets: 6430, 6380.
strong resistance at 1.0935/50. Shorts need stops above 1.0970. Targets: 1.0890, 1.0860.
Chart
made a high for the day exactly at strong resistance at 1.4780/1.4800. Shorts need stops above 1.4820. A break higher should be a buy signal targeting 1.4870/80.
strong resistance at 8730/50. Shorts need stops above 8765. Targets: 8690, 8660, 8630.
