USD/JPY topped exactly at strong resistance at 110.10/20 with shorts working perfectly as I write, to target first support at 109.60/50.
EUR/JPY reversed just 6 pips from our selling opportunity at 120.35/45.
USD/JPY clearly the levels to watch again today are strong resistance at 110.10/20 and first support at 109.70/60. Be ready to sell 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.
EUR/JPY collapsed from strong resistance at 120.35/45 and breaks support at 119.85/75 January low for a sell signal initially targeting 119.45, 119.25 and 119.10/00.
Strong resistance at 120.35/45 and again, shorts need stops above 120.60. A break higher targets 120.90/99.
Trends
Weekly outlook is neutral
Daily outlook is neutral
Short Term outlook is positive