USD/JPY: A break higher 137.10 is a buy signal
|AUDUSD made a high for the day at resistance at 6760/70 yesterday & again today, shorts need stops above 6800.
Shorts did target 6730/25 with minor support at this week's low at 6700/6690. A break below 6690 is a sell signal targeting 6665/60, perhaps as far as 6630/20.
NZDUSD a low for the day just 2 pips above my buying opportunity at 6195/85. Longs need stops below 6170. Targets are 6220, 6240 & 6265.
A break lower however can target 6145/35.
CADJPY longs at 9970 worked perfectly on the bounce to my targets of 100.40 & 100.60 for profit taking. That'll do for this week.
USDJPY tests strong resistance at 136.65/85 & held here yesterday. Again we need stops above 137.10. A break higher is a buy signal for this week targeting 138.00/20.
Targets for shorts are 136.20/10 & 135.70/60.
EURJPY very volatile & unpredictable. Today we should have strong support at 144.20/00 if we reverse again. Longs need stops below 143.80.
Targets are 144.70 & 145.00, perhaps as far as this week's high at 145.35/45. A break above 145.50 can target 146.00/10.
NZDJPY finally beat resistance at 8450/80 for a buy signal. So we should have a buying opportunity at 8470/50. Longs need stops below 8430.
Targets are 8500 & 8525 then 8565 & 8590.
USDCAD has traded sideways holding within last Friday's range all this week. We made a low for the day exactly at 1.3590/70 yesterday again yesterday to maintain a buy signal targeting 1.3700.
Longs at 1.3590/70 if we retest today, stop below 1.3550.
Dollar Index up one day, down the next day in the 1 week sideways trend. Still holding strong support at 104.30/20 & saw a nice 100 pip bounce. If the support is retested, longs need stops below 104.00.
A break lower targets strong support at 103.70/50.
A break above 104.80 is more positive for today. Obviously bulls need a break above this week's high at 105.32 for the next buy signal.
EURCAD is establishing a sideways trend from support at 1.4230/10 up to resistance at the January high at 1.4620/40.
All we can do is try to trade this range while we wait for a breakout.
GBPUSD made a high for the day just 2 pips from my resistance at 1.2090/1.2110 on Wednesday & collapsed to strong support at 1.1960/40 yesterday.
So this level remains key to direction on the downside. A bounce from here can target 1.2030/40, perhaps as far as 1.2070/1.2090 for profit taking on longs.
Bulls need a break above the 2 week high at 1.2140/47 for a buy signal.
Strong support again at 1.1960/40. Longs need stops below 1.1910. A break below 1.1910 is a sell signal for next week targeting 1.1865/55, perhaps as far as 1.1810/00.
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.