USD/JPY: a break below 108.25 is the next sell signal
|USDJPY_ EURJPY
USDJPY shorts at 108.90/109.00 starting to work.
EURJPY trades sideways with no clear direction or trade signals for today.
Daily Analysis
USDJPY topped exactly at 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 109.70/80 with stops above 109.99.
Shorts at 108.90/109.00 target 108.75/70 (hit) & minor support at 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.
EURJPY minor resistance at 120.50/60 now working as support with strong resistance at 120.90/121.00 still holding. On further gains look for 121.35 & strong resistance at 121.50/55.
Support at 120.25/15 is less likely to hold on the next test. Be ready to sell a break below 120.05 for 119.80 & 119.70/65 before a buying opportunity at 119.30/20, with stops below 119.05.
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.