USD/JPY we wrote: bottomed exactly at strong support at 109.40/20 and hit the first target of 109.70/80, but further gains are likely this week to 110.10/20, 110.70/80.
Perfect!! All targets hit and outlook remains positive, but we are severely overbought in the short-term, so could consolidate sideways.
EUR/JPY beat strong resistance at 1.2935/45 and is now using this level as support.
CAD/JPY continues higher to the next target of 8765/75 as predicted.
Today’s Analysis
USD/JPY hit all our targets for the week in 1 day! The outlook remains positive but just be aware that we are overbought short-term. The downside should be limited with support at 110.40/30 & 110.00/109.90.
A break above 111.00 (expected eventually) targets 111.40/50 and 111.65/75. EUR/JPY is holding what is now support at 129.35/45 as we reach 129.88. Still, there's a chance of a head and shoulders forming if we hold below 130.00. However, a break above here targets 130.15/20 before a retest of the March high at 130.55/65.
First support at 129.50/45. Second support at 129.20/10 likely to see a low for the day if tested. Stops below 128.95.
CAD/JPY hits 8765/75 as expected, perhaps as far as a retest of important resistance at 8790/8810 today, where we watch for a negative double top. A break above 8815 however sees the next leg of the bull trend commence.
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