USD/JPY reversed from the next target of 107.75 and in a true sideways trend, we gave up recent gains to retest support, which is 10 pips lower today at 107.30/20.
EUR/JPY initially topped exactly at the first target of 121.50/60 and dipped 20 pips before we topped exactly at strong resistance at 121.90/122.10 for the day. If you shorted here there was a 40-60 pip potential profit.
Today’s Analysis
USD/JPY holding first support at 107.30/20 in the sideways trend re-targets 107.75. If we continue higher look for 107.90/108.00. A break above 108.15 meets a selling opportunity at 108.35/45 with stops above 108.65.
Longs at 107.30/20 stop below 107.10. A break lower targets 107.00 & 106.80/75, perhaps as far as 106.50/40 with minor support at the May low at 106.00/105.95 for profit taking on any remaining shorts.
EUR/JPY holding first support at 121.35/25 targets 121.50/60. Expect strong resistance at 121.90/122.10 and again at 122.70/80.
Longs at 121.35/25 stop below 121.15. Good support at 120.90/80 but below here meets a buying opportunity at 120.65/55, with stops below 120.40.
Trends
- Weekly outlook is neutral
- Daily outlook is neutral
- Short Term outlook is neutral