USD/JPY: First support at 108.90/80
|USD/JPY – EUR/JPY
USDJPY beat resistance at 108.70/75 to hit the next target of 109.20/30 & topped out.
EURJPY beat resistance at 117.45/65 to hold the next target of 118.15/25 & the pair then returned to first support at 117.65/45.
Daily Analysis
USDJPY now using 108.90/80 as support after we hit the next target of 109.20/30. A break higher targets 109.80/90 with resistance at 110.10/20.
First support at 108.90/80 but below 108.70 is more negative for today targeting strong support at 108.30/20 & again at 108.10/00. A break below 107.90 is a sell signal.
EURJPY holding first support at 117.55/45 sees a bounce towards 118.15/25 with strong resistance at 118.55/65. Try shorts with stops above 118.90.
First support at 117.55/45 but longs need stops below 117.30. A break lower is a sell signal targeting 116.95/85 & below 116.65 risks a retest of 116.40/30 lows. Important support at the March/September 116.10/115.90 lows. A break lower therefore is a sell signal this week.
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.