A break below 1.4000 would find initial support at 1.3980 and if that is exceeded will likely head for 1.3945. 1.3900 is the support level beyond.

There is an upward sloping trend line over the last couple weeks which will also provide support around 1.3950.

USD/JPY Still Has Steam?

After a strong run up yesterday it appears the market may try to test further resistance above 97.00. Although, this is likely fail as there is a strong resistance band between 97.20 and 97.45.

Therefore, while there is a bit room on the upside currently the bias is downwards if it gets up into those areas. If it stays in that area it would be a bullish sign but movement beyond 97.45 is unlikely today based on current averages.

On the downside support is at 96.50, 96.20 and 95.80.

Analysis by: http://www.Forexpros.com - Written by Cory Mitchell

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