USD/JPY topped exactly at first resistance at 105.65/75 and retests 105.20/10. We are getting oversold but no buy signal yet so risks are to the downside.
EUR/JPY reversed to our buying opportunity at 123.15/05 with stops below 122.85. We are holding over night but waiting for a bounce for profit taking.
Today’s Analysis
USD/JPY is trying a break below 105.20/10 targeting 104.90 then 104.60 & perhaps as far as 104.30/20.
First resistance at 105.65/75 held this morning. A break above 105.90 allows a further recovery to strong resistance at 106.15/25. Stop above 106.40.
EUR/JPY longs at 123.15/05 target 123.60/65 for profit taking. If we continue higher, look for 123.90/124.00 before a retest of last week’s high at 124.23/28. Obvious resistance at the June high of 124.42, coupled with the 200 week moving average at 124.70.
Try longs at 123.15/05 with stops below 122.85. A break lower is a sell signal initially targeting 122.45/35 with strong support at 122.10/00. Longs need stops below 121.85.
Trends
- Weekly Outlook Neutral
- Daily Outlook Neutral
- Short Term Outlook Neutral
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