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USD/JPY: Longs need to stop below 135.40 [Video]

Jason Sen DayTradeIdeas.co.uk

AUDUSD could not reach first resistance at 6770/80, so I must revise this to 6760/70 & a high for the day is possible in the bear trend if tested today. Shorts need stops above 6800.

We are retesting 6700/6695 as bears remain in control, as expected. A break lower can target 6670/60 & 6630/20.

NZDUSD shorts at first resistance at 6190/6200 worked perfectly as prices collapsed from 6207. If we retest this resistance today, shorts need stops above 6215. A break higher can target 6145/55.

Shorts at 6190/6200 can target 6150/40 for some profit taking. Be ready to sell a break below 6125 to target 6100/6090, probably as far as 6040/30 for profit taking on shorts.

CADJPY hit my target & Fibonacci resistance at 100.55/65. Shorts needed stops above 100.80 & this was tricky because we overran to 100.88. If you managed to hold the short, the pair collapsed to my target of 100.00/9990, reaching 9970.

I expect good support at 9970. Try longs with stop below 9940. Targets for longs are 100.40 & 100.60.

Resistance at 100.60/80!! Shorts need stops above 101.00. A break higher sees 100.70/60 act as support to target 101.25/35 & 102.00.

USDJPY longs at buying opportunity at 134.10/133.90 hit my target of 135.45/55 & 135.80/90 before reaching strong resistance at 136.65/85. What a great run for our longs!!

Shorts at 136.65/85 worked perfectly as the pair collapsed from 136.93 to hit my target of 136.00 but then bounced half way to first support at 135.50/30. First support is higher today at 135.80/60. Longs need stops below 135.40.

Shorts at resistance at 136.65/85 if we retest today, need stops above 137.10. A break higher is a buy signal for this week targeting 138.00/20.

NZDJPY remains in a tight sideways range - only useful for scalpers.

A high for the day exactly at resistance at 8450/80. A break above 8510 therefore should be a buy signal.

Shorts at 8450/80 can target 8400/8390 (only 5 pips away as I write) & 8370/60, perhaps we can fall as far as 8310/8290 eventually.

EURUSD unfortunately beat resistance is at 1.0590/1.0610 before reversing 5 pips from the next target of target 1.0650/60. Frustrating because the pair then collapsed as expected to my target of 1.0580/75. Further losses look likely to 1.0545/35. If we continue lower look for 1.0510/00, perhaps as far as strong support at 1.0470/50. Longs need stops below 1.0430.

Whilst I think EURUSD will head lower, my level for today need revision! It may be worth waiting to see if we can bounce again to1.0650/70. Shorts need stops above 1.0690.

USDCAD made a low for the day exactly at 1.3590/70 so to maintain a buy signal targeting 1.3700.

Longs at 1.3590/70 if we retest today, stop below 1.3550.

Dollar Index held 10 ticks above strong support at 104.30/20 & saw a nice bounce. If the support is retested, longs need stops below 104.00.

EURCAD I am going to wait to see if a head & shoulders forms. A break below support at 1.4230/20 this week will be the sell signal targeting 1.4150 & 1.3980.

GBPUSD bounce from strong support at 1.1960/40 has reached 1.2068 but unfortunately over ran strong resistance at 1.2090/1.2110 before reversing from 1.2143 & seeing a 100 pip drop to my target of 1.2040/20.

Strong support again at 1.1960/40. Longs need stops below 1.1910. A break below 1.1910 is a sell signal for this week targeting 1.1865/55, perhaps as far as 1.1810/00.

I am going to stubbornly stick to resistance at 1.2090/1.2110 today. Shorts need stops above 1.2140!!

Author

Jason Sen

DayTradeIdeas.co.uk

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