USD/JPY topped exactly at the 111.45/65 target this time, after we topped 10 pips above on the first run.
Looks like dollar pairs are entering a sideways consolidation phase & therefore I think we want to switch to more of a scalping/range trading strategy to take advantage of these conditions.
EUR/JPY edged higher with a bounce from 117.60/80 up through 118.75/85 AND strong resistance at 119.20/40.
Reports will be updated at about lunchtime GMT if necessary.
USD/JPY minor resistance at 110.65/70 but above here targets 111.05 then retests 111.45/65.
A break higher targets strong resistance at the February high at 112.00/20. On a break higher look for 112.80/113.00.
Best support at 110.00/109.80 today. Longs need stops below 109.60 for 109.30 then strong support at 109.15/05. If we continue lower look for 108.50/30.
EUR/JPY 119.20/40 no longer working as resistance after so many tests. We topped at 119.85/95 but above here meets strong resistance again at 120.25/45. Shorts need stops above 120.75. A break higher targets 120.95/121.05 & 121.35/45.
First support at 118.90/70 but below here targets 118.35/25 & 117.60/80. Further losses test support at 117.25/15. Below 116.90 risks a retest of March lows at 116.30/10 so a break below is a range breakout & therefore a sell signal.
Trends
Weekly outlook is neutral
Daily outlook is neutral
Short Term outlook is neutral