USD/JPY: a break below 108.30 is the next sell signal

Jason Sen DayTradeIdeas.co.uk

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

Author

Jason Sen

DayTradeIdeas.co.uk

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