USD/JPY: be ready to sell a break below 109.50
|USD/JPY _ EUR/JPY
USDJPY ranges perfectly in between strong resistance at 110.10/20 & the best support for the day at 109.60/50.
EURJPY weaker as we break 120.05/00.
Daily Analysis
USDJPY clearly the levels to watch again today are strong resistance at 110.10/20 & the best support for the day at 109.60/50. Be ready to sell a break below a break below 109.50 targeting 109.30/25, perhaps as far as 109.10/05.
Shorts at 110.10/20 need stops above 110.30. A break higher is the next buy signal, initially targeting 110.60/65.
EURJPY through 120.05/00 to target minor support at the 119.85/75 January low. A break below 119.60 is a sell signal initially targeting 119.45, 119.25 & 119.10/00.
A bounce from minor support at the 119.85/75 January low targets 119.95/99 with strong resistance at 120.40/50. Try shorts with stops above 120.65.
Trends
Weekly outlook is neutral.
Daily outlook is neutral.
Short Term outlook is positive.
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