USD/JPY we wrote: Holding resistance at 107.50/60 targets 107.20/10 but we look more likely to break below 107.00 for a buying opportunity at 106.70/60 with stops below 106.45.
Perfect call as we collapsed from 107.44 hitting 106.70 overnight.
EUR/JPY we wrote: holding minor resistance at 121.30/20 re-targets 120.80/70 before a test of support at 120.35/25. A break lower targets 119.90 and buying opportunity at 119.65/55…
We collapsed from 121.23 hitting 119.90 overnight.
Today’s Analysis
USD/JPY buying opportunity at 106.70/60 with stops below 106.45. A break lower retests the May low at 106.00/105.95. A break lower is a sell signal targeting 105.70/60 then 105.20/10.
Longs at 106.70/60 target 106.95/99 and resistance at 107.25/35 for profit-taking. A selling opportunity at 107.50/60 with stops above 107.85. A break higher is a strong buy signal.
EUR/JPY holding strong resistance at 120.35/45 is negative for today targeting 119.90 & first support at 119.65/55. For profit taking on any remaining shorts. A bounce from here possible but longs need stops below 119.30. A break lower is a sell signal seeing 119.55/65 act as resistance targeting 118.80/70.
Shorts at 120.35/45 need stops above 120.65. A break higher targets 120.95/121.05.
Trends
- Weekly outlook is neutral
- Daily outlook is neutral
- Short Term outlook is negative