USDJPY outlook remains positive although we are getting overbought at this stage so could trade sideways in a bull flag pattern in the short term Longs at first support at 138.40/20 targets 138.70/80, before a retest of 139.20/40. On a break higher look for 139.90/140.00 and 140.50/70.
We are still buyers on weakness in the bull trend with first support at 138.40/20. If we continue lower look for strong support at 137.60/40. Longs need stops below 137.25.
EUR/JPY retested strong resistance at 139.50/70 on Friday. Shorts need stops above 139.90. A break higher sees 139.70/50 acting as support for a buy signal targeting 140.50/70, perhaps as far as 141.30/40.
Shorts at strong resistance at 139.50/70 can target 138.60, perhaps as far as 138.20/10. Below 137.90 risks a slide to 137.30/20 with best support at 136.80/60. Longs need stops below 136.35. A break lower however is a sell signal targeting 135.90/80 and 135.30/20.
AUD/USD shorts at strong resistance at 6820/30 target 6780/70, probably as far as 6720/10. If we continue lower in the bear trend look for 6680 and 6630/20 this week.
Strong resistance at 6820/30. Shorts need stops above 6845. A break higher targets 6900/10.
NZD/USD shorts at strong resistance at 6180/90 targets 6150/40, perhaps as far as 6080/60. A break below 6055 can target 6030/20 perhaps as far as 5980/70.
Expect strong resistance at 6180/90. Shorts need stops above 6210. A break higher targets 6250/60.
NASDAQ establishing a sideways trend from what looks like 3 week trend line support at 11530/500 up to the 50 day moving average and 2 month trend line resistance at 12050/12150. A break above 12200 targets 12360/400. We should struggle to beat this level here but shorts may now be risky as we finally seeing the gains I was looking for at the start of last week. Above 12450 look for 12700/800.
3-week trend line support at 11530/500. On further losses today look for 11350/300. Strong support at 11000/10800 this week.
