USD/JPY best support at 108.00/107.80 today. Longs need stops below 107.60.
EUR/JPY fooled me with a false breakout above 130.70. The pair unexpectedly crashed 100 pips from 130.96
CAD/JPY I have been waiting for the pair to break lower and complete the head & shoulders pattern for a sell signal. So difficult in this last week, with erratic, volatile conditions. After we broke lower, we shot higher to 8690 before the expected collapse happened.
Today’s Analysis
USD/JPY best support at 108.00/107.80 today. Longs need stops below 107.60. A break lower however signals the next leg lower in the short term bear trend targeting 107.50/45 then strong support at 107.20/15.
Longs at 108.00/107.80 target minor resistance at 108.35/40 then strong resistance at 108.95/05.
EUR/JPY crashed through first support at 130.10/00 to test support at recent lows of 129.80/70, leaving a huge negative shooting star candle. We have an important bull trap here. After yesterday’s false breakout we must be careful, but a break below 129.65 SHOULD signal further losses to 129.25/15. Below 129.05 expect very strong support at 127.80/70.
Gains are likely to be limited in the bull trap with first resistance at 130.10/20. Shorts need stops above 130.30. Next target and resistance at 130.60/70.
CAD/JPY finally reaches the target of 8580/70 but it has been impossible to hold a short position. Further losses are likely to the best support for today at 8510/8490.
Longs need stops below 8475.
Gains are likely to be limited with first resistance at 8615/25. Strong resistance at 8650/60.
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