USD/JPY holding first support at 106.00/90 re-targets 106.25, perhaps as far as 106.50/60. If we continue higher look for a retest of resistance at last week’s high at 106.85/95. Try shorts with stops above 107.10.
First support at 106.10/00 but longs need stops below 105.85. A break lower targets 105.60/65, perhaps as far as minor support at recent lows at 105.20/10. Be ready to sell a break below 105.00 targeting 104.75/70, 104.35/30 & the July low at 104.20/16.
EUR/JPY first resistance at 125.70/80. Shorts need stops above 125.95. Be ready to buy a break higher for 126.25/30 and 126.45/55, perhaps as far as 126.70/80. 2nd resistance at 127.00/10. A break higher targets 127.30/40 & 127.80/90.
First support at last week’s low of 125.30/25, although I really do not know why this held so well. Be ready to sell a break below 125.10 for 124.90/80, perhaps as far as 124.50/40. Expect strong support at 124.15/05, stop below 123.80.
Trends
- Weekly Outlook Neutral
- Daily Outlook Neutral
- Short Term Outlook Neutral
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