Forex Investment and Currency Trading

USD/JPY – Resistance at 101.82 is expected to stall retracements for a return to the low at 95.88.

USD/JPY began a retracement phase last week after valuations reached oversold levels. With the recovery above 100.00 returning the daily studies to more neutral levels, resistance at 101.82 (close to 50% Fibonacci retracement of the February-March decline at 102.23) is expected to attract renewed selling interest for an attempt to take out initial support at 98.53. This outcome would validate the bearish view, projecting a return to the cyclical low at 95.88. 96.00 is viewed as a price target.