USD/JPY: Longs need stops below 109.50
|USD/JPY, EUR/JPY, CAD/JPY
USDJPY topped exactly at strong resistance at 110.35/45 & bottomed exactly at the first target of 110.10/00. Same levels apply for today.
EURJPY unfortunately overran very strong resistance at 129.80/130.00. Stop above 130.20 was 10 pips too tight. However we are now holding below this level.
CADJPY beat strong resistance at 8670/90 for a buy signal targeting 8750/70 & strong resistance at 8800/20. We topped exactly here. A potential 100 pip profit on longs. We reversed to support at 8745/35 & bottomed exactly here.
Daily analysis
USDJPY holding 110.35/45 again today targets 110.10/00 perhaps as far as first support at 109.70/60. Longs need stops below 109.50. A break lower is a sell signal initially targeting the 200 week moving average at 108.90/80. A break below 108.70 is another sell signal initially targeting 108.40/30.
Strong resistance at 110.35/45. Shorts need stops above 110.60. A break higher targets 111.00/10.
EURJPY tests very strong resistance at 129.80/130.00. Stop above 130.30!! A break higher is a buy signal for today targeting strong resistance at 130.70/80. Stop above 130.95.
Holding very strong resistance at 129.80/130.00 targets 129.30/20 then 128.95/90 for some profit-taking. Expect very strong support at 128.50/40. Longs need stops below 128.20.
CADJPY beat strong resistance at 8670/90 for a buy signal targeting 8750/70 & strong resistance at 8800/20. We topped exactly here. Shorts need stops above 8830. A break higher targets 8855/60, perhaps as far as 8890/8900.
Shorts at 8800/20 targets minor support at 8745/35 (we bottomed exactly here yesterday) but below here can target support at 8680/70.
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