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USD/JPY And EUR/JPY Forecast For Dec 17, 2019

Published 12/17/2019, 05:32 AM
USD/JPY
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EUR/JPY
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USD/JPY topped exactly at important resistance at 109.65/80 for the second day. Outlook negative in the medium term as long as we hold below here.

EUR/JPY crawled higher to 122.22.

USD/JPY shorts at 109.65/80 held the first target and minor support at 109.30/25. If this levels fails we test strong support at 109.00/108.90 for profit taking but longs are risky. A break below 108.75 is the next sell signal.

Shorts at important resistance at 109.65/80 need stops above 109.99. Bulls require a sustained break above 110.00 for an important medium term buy signal, initially targeting 110.25/30.

EUR/JPY tests minor resistance at 122.00/10 but holding above here allows a retest of the recovery high at 122.55/65. A break above 122.70 targets 123.00/10.

Holding below 122.00 risks a slide to minor support at 121.60/50 with strong support at 121.35/30. Longs need stops below 121.10.

Trends

Weekly outlook is neutral

Daily outlook is neutral

Short Term outlook is positive

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