USD/JPY

USD/JPY rebounds again from 101.50

• USD/JPY met once again support at 101.50 (S1) and moved slightly higher. Considering the upside path of both our momentum studies, I would expect the rate to continue the upside wave and challenge once again the resistance bar of 102.00 (R1). Nonetheless, as long as the rate remains below the key bar of 102.00 (R1) and below both the moving averages I would consider the picture to be mildly bearish. A dip below the support of 101.50 (S1) would confirm a forthcoming lower low and may see the following bar at 101.25 (S2).
• Support: 101.50 (S1), 101.25 (S2), 100.75 (S3)
• Resistance: 102.00 (R1), 102.70 (R2), 103.00 (R3). forex live