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USD/JPY, EUR/JPY Daily Forecast: 12 Feb., 2020

Published 02/12/2020, 01:42 AM
Updated 07/09/2023, 06:31 AM
USD/JPY
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EUR/JPY
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USD/JPY ranges perfectly in between strong resistance at 110.10/20 & the best support for the day at 109.60/50 for the second day.

EUR/JPY through 120.05/00 to target minor support at the 119.85/75 January low. We did spike below 119.60 but swiftly & unexpectedly recovered to 120.02.

USDJPY clearly the levels to watch again today are strong resistance at 110.10/20 & the best support for the day at 109.60/50. Be ready to sell a break below a break below 109.50 targeting 109.30/25, perhaps as far as 109.10/05.

Shorts at 110.10/20 need stops above 110.30. A break higher is the next buy signal, initially targeting 110.60/65.

EURJPY holding above 119.85/75 targets 119.95/99 (hit) with strong resistance at 120.35/45. Shorts need stops above 120.60. A break higher targets 120.90/99.

Obviously support at 119.85/75 January low. A break below 119.60 is a sell signal initially targeting 119.45, 119.25 & 119.10/00.

Trends

  • Weekly outlook is neutral
  • Daily outlook is neutral
  • Short Term outlook is positive
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