USD/JPY retesting best support at 108.00/107.80
|USD/JPY, EUR/JPY, CAD/JPY
USDJPY held best support at 108.00/107.80 but only bounced to 108.23. Longs need stops below 107.70.
EURJPY remains in an erratic sideways trend throughout April.
CADJPY so difficult in this last week, with erratic, volatile conditions – up one day, down the next day in the sideways trend.
We topped exactly at first resistance at 8660/80.
Daily Analysis
USDJPY retesting best support at 108.00/107.80 again today. Longs need stops below 107.70. A break lower however signals the next leg lower in the short term bear trend targeting 107.50/45 then strong support at 107.20/15.
Longs at 108.00/107.80 target minor resistance at 108.35/40 then strong resistance at 108.95/05.
EURJPY retests first support at 129.80/70. A break below 129.60 SHOULD signal further losses to 129.25/15. Below 129.05 expect very strong support at 127.80/70.
Gains are likely to be limited in the bull trap with first resistance at 130.10/20. Next target & resistance at 130.60/70.
CADJPY first resistance at 8660/80. Strong resistance at 8705/15. Shorts need stops above 8725.
We bottomed exactly at minor support at 8615/05 yesterday but below here today can target 8580/70 before a retest of this week’s low at 8540. The best support for today at 8510/8490. Longs need stops below 8475.
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