USD/JPY: Selling opportunity at 108.35 above 107.75
|USD/JPY – EUR/JPY
USDJPY crashed from just below our selling opportunity at 107.50/60 hitting all targets as far as 106.60/50.
EURJPY topped exactly at our target & resistance 122.50/60. If you managed to short we were offered a 50/60 pips profit on the slide to first target 121.00/90...which held. Same levels apply for today.
Daily Analysis
USDJPY managed to hold what I saw as weak support at 106.60/50. First resistance at 107.20/25 stop above 107.35. Sell at 107.50/60, with stops above 107.75. Above here targets 107.90/95 & 108.15 with a selling opportunity at 108.35/45; stops above 108.65.
Shorts at 107.20/25 re-target 106.60/50. 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 selling opportunity at 122.50/60 with stops above 122.90. A sustained break above here is a medium term buy signal targeting 123.20/30.
Shorts at 122.50/60 target 121.00/90. Below here meets strong support at 121.60/50 for profit taking on any remaining shorts. Buy at 121.25/15, with stops below 120.95.
| Trends | |
| Weekly Outlook | Neutral |
| Daily Outlook | Neutral |
| Short Term Outlook | Neutral |
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