USD/JPY very much in a sideways trend, holding the first target of 107.75 to retest first support at 107.30/20 in the expected sideways trend.
EUR/JPY just held first support at 121.35/25 & topped exactly at strong resistance at 121.90/122.10.
Scalping levels are working.
Today’s Analysis
USD/JPY holding first support at 107.30/20 in the sideways trend re-targets minor resistance at 107.75/85. A break above 107.95 targets 108.15 with a selling opportunity at 108.35/45; stops above 108.65.
Longs at 107.30/20 stop below 107.10. A break lower sees 107.20/30 acting as resistance, targeting 107.00 and 106.80/75, perhaps as far as 106.50/40 for profit taking on any remaining shorts, with minor support at the May low at 106.00/105.95.
EUR/JPY holding first support at 121.35/25 targets 121.50/60 with strong resistance at 121.90/122.10 holding. Strong resistance again at 122.70/80.
Longs at 121.35/25 stop below 121.15. A break lower targets 120.90/80 with 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