USDJPY – Intraday – We look to Buy at 111.60 (stop at 111.30)
Closed the day little net changed. Selling posted in Asia. There is no clear indication that the downward move is coming to an end. Previous resistance located at 112.13. The sequence for trading is higher highs and lows. Further upside is expected although we prefer to set longs at our bespoke support levels at 111.60, resulting in improved risk/reward.
Our profit targets will be 112.20 and 112.50
Resistance: 112.13 / 112.20 / 112.50
Support: 111.60 / 111.05 / 109.67
