USD/JPY and EUR/JPY Daily Forecast
USD/JPY shorts at 108.70/80 are starting to work as we head for the first target of 108.45/35.
EUR/JPY up for a day or 2 then down for a day or 2 in a sideways trend. We bounce =d towards last week's high at 121.00.
Daily Analysis
USD/JPY shorts at 108.70/80 working as we target minor support at 108.45/35, but this is unlikely to hold for long. A break below 108.30 is the next sell signal targeting 108.05/00 to start profit taking from here down to strong support at 107.80/70. Try longs with stops below 107.55.
Try shorts at 108.70/80 with stops above 109.00. A break higher targets 109.30/35 & 109.55/60. Try shorts at 109.65/80 with stops above 109.99.
EUR/JPY bounces back towards strong resistance at 120.90/121.00. On further gains look for 121.35 & strong resistance at 121.30/40.
Holding strong resistance at 120.90/121.00 targets minor support at 120.60/50, On further losses look for 120.25/15. A break lower targets 119.80 & 119.70/65 before a buying opportunity at 119.30/20, with stops below 119.05.
Trends
Weekly outlook is neutral
Daily outlook is neutral
Short Term outlook is positive
The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.
Recommended Content
Editors’ Picks
EUR/USD stays in daily range slightly below 1.0900
EUR/USD continues to move up and down in a narrow band slightly below 1.0900 in the second half of the day on Monday. The modest improvement seen in risk mood makes it difficult for the US Dollar to find demand and helps the pair stay in range.
GBP/USD treads water above 1.2900 amid risk recovery
GBP/USD is keeping its range play intact above 1.2900 in the American session on Monday. The positive shift seen in risk sentiment doesn't allow the US Dollar to gather strength and helps the pair hold its ground ahead of this week's key data releases.
Gold struggles to hold above $2,400
Gold loses its traction and trades in negative territory below $2,400 after suffering large losses in the second half of the previous week. The benchmark 10-year US Treasury bond yield holds above 4.2% and risk flows return to markets, not allowing XAU/USD to rebound.
Crypto Today: Bitcoin is less than 10% away from all-time high as Ethereum ETF approval anticipation brews
Bitcoin trades around $68,000 early on Monday, less than 10% away from its all-time high of $73,777 on Binance. Ethereum ETF anticipation brews among traders and Ether investment products see inflow of over $45 million in the past week.
Election volatility and tech earnings take centre stage
/stock-market-graph-gm532464153-55981218_XtraSmall.jpg)
The US Dollar managed to end the week higher as Trump Trades ensued. Safe-havens CHF and JPY were also higher while activity currencies such as NOK and NZD underperformed.