03.07.201506:28 Forex Analysis & Reviews: Technical analysis of USD/JPY for July 03, 2015

Long-term review

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JPY is trading higher against the greenback after weak US data. JPY has been trading higher against USD for 2 consecutive weeks. The pair was trading below 20Dsma 123.40 and closed below that level. The 20Wsma is found at 121.00 and the support of the month is seen at 122.00. After yesterday's US data, the pair hit a low of 122.83, whereas bulls' last hope remained at 122.80. The pair is moving towards lower highs and lower lows. The double top was formed at 124.45.

Intraday resistance is seen at 123.90, 124.0,0 and 124.45, support is found at 122.80, 122.40, and 122.00. Until the pair holds 122.80, the bullish view remains in play. Selling opportunity is available below 122.80 with targets at 122.50, 122.40, and 122.00. Selling accelerates below 121.95 towards 121.00 which is the last hope for bulls. Buying is available above 123.30 with targets at 123.45, 123.60 and 123.90, strong bullish momentum is expacted above 124.00 towards the previous double top at 124.45.

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