USD/JPY: Bulls need a weekly close above 109.40
|USD/JPY – EUR/JPY – CAD/JPY
USDJPY still holding strong resistance at 108.95/109.05 for a negative outlook.
EURJPY breaks 4-week ascending trend line at 130.20.
CADJPY topped at 8715/25 as predicted & we are holding strong support at 8660/40.
Daily analysis
USDJPY holding strong resistance at 108.95/109.05 targets 108.50/40, perhaps as far as 108.05/107.95. Strong support at 107.85/75.
Strong resistance at 108.95/05 but there is also the head & shoulders neckline at109.25/35. Bulls need a weekly close above 109.40.
EURJPY holding resistance at the March high at 130.55/65 leaves a negative double top in place & holding below the 4-week trend line at 130.30/20 targets 129.80/60. Below 129.50 meets strong support at 129.35/25. A bounce from here is expected. Break below 129.15 however risks a slide to strong support at 128.60/50.
First resistance at 130.20/30. More important resistance at the March high at130.55/65. A break above 130.75 tests strong resistance at 130.90/99. However further gains tests important 15-month trend line resistance at 131.25/35.
CADJPY bottomed exactly at strong support at 8660/50. First resistance at 8710/20could see a high for the day. Shorts need stops above 8730. A break higher targets8760, perhaps as far as 8790/8800 before a retest of the high at 8820/30.
Strong support at 8660/50. A break below 8640 completes the head & shoulders for sell signal to target 8605/00 then 8580/70.
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