USD/JPY longs again at 113.90/70 today target 114.45/55
|USD/JPY, EUR/JPY, CAD/JPY
USDJPY longs at first support at 113.90/70 work yesterday again!!
EURJPY we wrote: may have seen a high for the rally as we hit severely overbought conditions so we could trade sideways for a while.
PERFECT CALL! Prices collapsed breaking first support at 132.75/65 but MADE A LOW FOR THE DAY EXACTLY AT OUR BUYING OPPORTUNITY AT 132.30/20!!
CADJPY severely overbought conditions kick in as predicted yesterday. The pair over ran first support at 9230/20 hitting 9190. This leaves a bearish engulfing candle for a sell signal.
Daily analysis
USDJPY longs again at 113.90/70 today target 114.45/55, perhaps as far as 114.70. Gains are likely to be limited but of we continue higher look for 114.95 & 115.20.
We are more likely to break support at 113.90/70 if retested today, targeting 113.30/20, perhaps as far as 113.00/112.90.
EURJPY longs at our buying opportunity at 132.30/20 worked perfectly as we bounce to 132.75. Gains are likely to be limited but if we continue higher take profit on any remaining longs at 133.00. Sell at 133.30/50 with stops above the 2021 high at 134.10/12.
Longs at our buying opportunity at 132.30/20 stop below 132.05. A BREAK LOWER IS AN IMPORTANT SELL SIGNAL initially targeting 131.60 then 131.00.
CADJPY gains are likely to be limited after the sell signal. First resistance at 9240/60. Sell at 9280/9300 with stops above 9320.
Eventually, we are expected to break 9200 for a sell signal targeting 9175 & a buying opportunity at 9120/00 with stops below 9090.
Chart
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.