USD/JPY: A break above 104.25 targets a selling opportunity at 104.50
|USD/JPY – EUR/JPY
USDJPY shorts at first resistance at 104.05/15 worked perfectly offering up to 50 pips profit.
EURJPY tests first resistance at 123.30/40.
Daily Analysis
USDJPY holding first resistance at 104.05/15 keeps the outlook negative, targeting 103.75/70 (we bottomed exactly here yesterday), perhaps as far as 103.50/45 today. Further losses retest support at the November low of 103.25/15. Longs need stops below 103.00.
First resistance at 104.05/15. Shorts need stops above 104.25. A break higher targets a selling opportunity at 104.50/60 with stops above 104.75.
EURJPY holding first resistance at 123.30/40 re-targets 123.00/122.90. If we continue lower look for 122.70/60 then 122.10/00.
First resistance at 123.30/40 then a selling opportunity at 123.70/80 with stops above 123.90.
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