Before I blew a tyre I was knocking up some levels to watch over Yellen's testimony.

At the moment the upside numbers seem out of the picture so the downside is what we need to look at right now.

USD/JPY

  • UP - 119.80-120.00 is the obvious target from here, then 120.45/50 ahead of the stronger 120.65/80 area that provided the highs in mid/late December. 121 is followed by the Dec highs at 121.85
  • Down - 118.75 is the weekly uptrend and has the 55 dma just under at 118.69. 118.28 is the broken Dec resistance line, then the strong 118.00/10 level. The 100 dma and another short term broken resistance line is at 117.85. 117.20/25, 117.00 & 116.85/90 are the levels under there

USD/JPY daily chart