USD/JPY: A break above 108.60 is a buy signal
|USD/JPY _ EUR/JPY
USDJPY remains in a sideways trend as we bottomed exactly at our buy level of 107.35/25 hitting our 107.90/108.10 target for profit taking. We topped exactly here.
EURJPY bounced just 8 pips above best support at 117.60/50 to retest the May high & resistance at 118.52/62.
Daily Analysis
USDJPY buy at 107.65/55 with stops below 107.45. Buy again at 107.30/20 with stops below 107.05. A break lower targets 106.80/70, perhaps as far as 106.45/40.
We topped exactly at 107.90/108.10 for profit taking. Sell at 108.30/40, stop above 108.60. A break higher is a buy signal targeting 109.00/10 & 109.25/30 for profit taking.
EURJPY hits 118.91. Further gains target 119.30/40 then a selling opportunity at 119.80/90 with stops above 120.20.
Minor support at 1180.50/40 but below here targets 118.25/20 then a buying opportunity at 117.85/75 with stops below 117.55.
Trends
Weekly outlook is neutral.
Daily outlook is neutral.
Short Term outlook is neutral.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.