USD/JPY Previously, we wrote: holding above 108.00 should be positive targeting 108.35/40 then strong resistance at 108.90/109.05. Perfect call! We shot higher from 108.05 to 108.90/109.05 and topped exactly here. Shorts already offered a 50 pips profit.
EUR/JPY beat resistance at 130.60/70 to target a strong 16 month trend line resistance at 131.40/60. We topped exactly here. Shorts need stops above 131.85.
CAD/JPY beat strong resistance at 86.90/8710 hitting targets of 87.55/60 and 88.00/10.
We topped at the early April high at 8830. Double top sell signal here?
Today’s Analysis
USD/JPY held 5 pips above 108.00 and shot higher to strong resistance at 108.90/109.05, as predicted. We topped exactly here. Shorts need stops above 109.20. A break higher targets 109.60/70.
Shorts at strong resistance at 108.90/109.05 target 108.60, 108.40/35 (hit), perhaps as far as strong support at 108.25/15. Longs need stops below 180.00.
EUR/JPY tests the strong 16 month trend line resistance at 131.40/60. Shorts need stops above 131.85 (we are still holding below here as I wrote this). A break higher targets 1.3215/20 and 132.40/50
Shorts at 131.40/60 target support at 131.10/130.90 for profit taking. Longs need stops below 130.75. Further losses meet strong support at 130.50/40. Longs need stops below 130.25.
CAD/JPY risks the formation of a double top sell signal at 8830. Shorts need stops above 8845. A break higher is a buy signal targeting 8860/65, 89.20/25 and 89.40/45.
Shorts at 8830 target 88.00/87.90 with first support at 87.70/60. Best support at 87.15/8695. Longs need stops below 86.75.
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