USD/JPY: Selling opportunity at 107.20
|USD/JPY – EUR/JPY
USDJPY finally broke out of the recent range. We wrote: holding first resistance at 107.40/50 targets 107.20/10, perhaps as far as 106.90/80. On further losses look for 106.60/50...
We held just 2 pips above this target.
EURJPY broke 120.90/80 to hit the next target of 120.30 then shot higher to 120.80/90 & topped exactly here.
Daily Analysis
USDJPY minor resistance at 106.95/107.00 then a selling opportunity at 107.20/30, with stops above 107.40. Above here targets 107.80/85. A break above 107.95 targets 108.15 with a selling opportunity at 108.35/45; stops above 108.65.
We held the 106.60/50 target but I do not see this as much of a support level. A break lower tests minor support at the May low at 106.00/105.95.
EURJPY holding first resistance at 120.80/90 targets 120.65/60 & 120.30/20. Look for support at 119.80/70.
A break above 121.00 targets 121.15/20 & 121.35/45.
Trends
Weekly outlook is neutral.
Daily outlook is neutral.
Short Term outlook is neutral.
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