USD/JPY longs at our buying opportunity at 111.25/15 worked perfectly on the bounce to 111.68 but we only paused here on the second test for a few hours before a sell signal targeting a buying opportunity at 110.75/65, with stops below 110.50.
The shorts worked but the long at 110.75/65 was stopped.
EUR/JPY initially held 120.25/15 for a bounce to 121.06 then crashed over 100 pips to 119.88.
USD/JPY minor support at 110.65/55 then key 23.6% Fibonacci support at 110.40/30. However, be ready to sell a break below 110.25 targeting strong support at 110.00/109.90. Try longs with stops below 109.75.
Holding above 110.65/55 allows a recovery to 111.00/05, perhaps as far as 111.25. Gains are likely to be limited but try shorts at 111.45/50 with stops above 111.60.
EUR/JPY holding first resistance at 120.25/35 targets 120.05/00 with minor support at 119.65/55. Be ready to sell a break below 119.45 targeting 119.25/15.
Minor resistance at 120.70/75 but above here retests 121.28/38. On a break higher look for 121.60/70 then 121.90/99.
Trends
Weekly outlook is neutral
Daily outlook is neutral
Short Term outlook is negative