EUR/JPY hits the buying opportunity at 120.25/15
|USD/JPY broke strong support at 108.90/80 for the next downside target of 108.45/35.
EUR/JPY topped exactly at the next target of 120.90/121.00 & collapsed to our buying opportunity at 120.25/15. We bottomed exactly here but no bounce yet.
Daily Analysis
USD/JPY lower again to 108.45/35. A break below 108.25 is the next sell signal targeting 108.05/00 & strong support at 107.80/70. Longs need stops below 107.55.
Strong resistance at 108.90/109.00. Shorts need stops above 109.10. A break higher targets 109.30/35 & 109.55/60. Try shorts at 109.65/80 with stops above 109.99.
EUR/JPY hits the buying opportunity at 120.25/15, with stops below 120.05. A break lower targets 119.80 & 119.70/65 before a buying opportunity at 119.30/20, with stops below 119.05.
Longs at 120.25/15 target minor resistance at 120.50/60 & perhaps as far as strong resistance at 120.90/121.00. On further gains look for 121.35 & strong resistance at 121.50/55.
Trends
Weekly outlook is neutral.
Daily outlook is neutral.
Short Term outlook is positive.
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