USD/JPY: A break above 111.05 is a medium term buy signal
|USD/JPY, EUR/JPY, CAD/JPY
USDJPY held best support at 109.15/05 & beat 6 month trend line resistance at 110.10/20 for a buy signal targeting 6 week trend line resistance at 110.50/60.
EURJPY topped exactly at resistance at 133.40/60 then bottomed exactly at mega important head & shoulders neck line plus 1 year trend line support at 132.70/50.
CADJPY held resistance at 9050/60 but bottomed exactly at best support at 9020/00.
Which way will the pair break?
Daily analysis
USDJPY beat 6 week trend line resistance at 110.50/60 so holding above here is a buy signal targeting the 2021 high at 110.90/95. A break above 111.05 is a medium term buy signal. Hold longs for a swing trade.
First support at 110.60/50. Longs need stops below 110.30. Best support at 109.45/35. Longs need stops below 109.20.
EURJPY bottomed exactly at mega important head & shoulders neck line plus 1 year trend line support at 132.70/50 as predicted. Longs need stops below 132.35. A lower is an important longer term sell signal initially targeting 131.85 then 131.25/15.
Longs at 132.70/50 target 133.015/25, perhaps as far as resistance at 133.40/60. Shorts need stops above 133.75. A break higher is a short term buy signal targeting 134.00/10. A break above 134.20 is a medium term buy signal.
CADJPY bottomed exactly at best support at 9020/00. Longs need stops below 8990. A break lower is a sell signal targeting 3 week lows at 8960/55, eventually 8925 & probably as far as 8900/8890.
First resistance at 9050/60. Above 9080 however can then retest the high at 9110/20. A break higher is a medium term buy signal.
Chart
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.