USD/JPY shorts at strong resistance at 107.50/60 worked perfectly as we held below resistance at 107.25/30 targeting 107.00 & minor support at 106.60/50. We bounced just 7 pips above.
EUR/JPY longs at 122.65/55 worked perfectly on the bounce from 122.45 hitting the 123.20/30 target for a potential 60 pip profit as we look for 123.50/60.
Today’s Analysis
USD/JPY tests minor support at 106.60/50. This has been holding but I think is unlikely to hold a 3rd test. A break lower targets better support at the June low at 106.15/05. Try longs with stops below 105.90.
First resistance at 107.00/10 but the best selling opportunity is at 107.25/35 with stops above 107.50.
EUR/JPY longs at 122.65/55 looking good after our buy signal targeting 123.20/30 (hit), 123.50/60 & 123.90/124.00.
The downside should be limited but below 123.00 risks a slide to a buying opportunity at 122.60/50, with stops below 122.40.
Trends
- Weekly Outlook Neutral
- Daily Outlook Neutral
- Short Term Outlook Neutral
