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Faraday: USDJPY hits key support zone

Thomas Light from Faraday says USDJPY is trading back at a key level of support.

On the weekly candle chart he's spotted that after breaking out to fresh highs in May, prices have retraced back down into the breakout zone.

He adds "Given the strength of USDJPY’s long-term uptrend, we expect previous structural resistance to become new support. "

On the daily candle chart, the market was quickly bought up as prices threatened to penetrate support this morning. Providing confirmation that support will hold firm, according to Thomas.

Stops: Within the support zone at 121.92 with initial profit targets at 124.30 and secondary targets at the recent highs of 125.60.

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