USD/JPY holding important resistance at 109.65/80

Jason Sen DayTradeIdeas.co.uk

USD/JPY and EURJ/PY Daily Forecast

USD/JPY holding important resistance at 109.65/80. Outlook negative in the medium term as long as we hold below here. We retested minor support at 109.30/25.

EUR/JPY breaks & holds below 122.10/00 to test to minor support at 121.60/50 & hold above strong support at 121.35/30

Daily Analysis

USD/JPY shorts at 109.65/80 target minor support at 109.25/20. If this levels fails we test strong support at 109.00/108.90 for some profit taking but longs are risky. A break below 108.75 is the next sell signal.

Shorts at important resistance at 109.65/80 need stops above 109.99. Bulls require a sustained break above 110.00 for an important medium term buy signal, initially targeting 110.25/30.

EUR/JPY holding below minor resistance at 122.10/00 risks a slide to minor support at 121.60/50 with strong support at 121.25/15. Longs need stops below 120.90. A break lower is a sell signal targeting 120.60/55 then 120.30/20 with a buying opportunity at 120.10/00.

Bulls require a break above 122.10 to target 122.35/45 before a retest of the recovery high at 122.55/65. A break above 122.70 targets 123.00/10.

Trends

Weekly outlook is neutral

Daily outlook is neutral

Short Term outlook is positive

Author

Jason Sen

DayTradeIdeas.co.uk

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