USD/JPY severely overbought – minor resistance at 111.60
USD/JPY - EUR/JPY
USDJPY initially hovered around 1 support at 111.70/60 before bottoming exactly at our buying opportunity at 111.25/15 longs work perfectly on the bounce to 111.68.
EURJPY collapsed through 120.65 to the next target of 120.25/15& bottomed exactly here over night.
Daily Analysis
USDJPY severely overbought with minor resistance at 111.60/70 before retesting the target of 112.10/15. Unlikely but a break higher targets 112.35/40 then 112.80/85.
Failure to beat 111.70 retests strong support at 111.25/15. If you try longs again, stop below 111.05. A break lower is a sell signal targeting 110.95/90 & a buying opportunity at 110.75/65, with stops below 110.50.
EURJPY in 1 big sideways trend for months, like many Yen pairs. First support at 120.25/15 held perfectly but below 120.00 meets a buying opportunity at 119.65/55, with stops below 119.40.
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.
Author
Jason Sen
DayTradeIdeas.co.uk
