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USD/JPY, EUR/JPY July 12 Forecast

Published 07/13/2020, 03:55 AM
USD/JPY
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EUR/JPY
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USD/JPY finally broke out of the recent range. We wrote: holding first resistance at 107.40/50 targets 107.20/10, perhaps as far as 106.90/80. On further losses look for 106.60/50… We held just 2 pips above this target.

EUR/JPY broke 120.90/80 to hit the next target of 120.30 then shot higher to 120.80/90 & topped exactly here.

USD/JPY Chart

Today’s Analysis

USD/JPY minor resistance at 106.95/107.00 then a selling opportunity at 107.20/30, with stops above 107.40. Above here targets 107.80/85. A break above 107.95 targets 108.15 with a selling opportunity at 108.35/45; stops above 108.65.

We held the 106.60/50 target but I do not see this as much of a support level. A break lower tests minor support at the May low at 106.00/105.95.

EUR/JPY holding first resistance at 120.80/90 targets 120.65/60 & 120.30/20. Look for support at 119.80/70.

A break above 121.00 targets 121.15/20 and 121.35/45.

Trends

  • Weekly outlook is neutral
  • Daily outlook is neutral
  • Short Term outlook is neutral

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