USD/JPY up one day, down the next day for over a week
|USD/JPY, EUR/JPY, CAD/JPY
USDJPY up one day, down the next day for over a week. Outlook positive if we continue to hold above the 100 month MA support at 109.00/108.90.
EURJPY holding resistance at 16-month trend line resistance at 131.40/60 this week to keep the outlook negative.
CADJPY retests 14-year trend line resistance at 8910/30. Shorts need stops above 8960.
Daily analysis
USDJPY holding above the 100 month MA support at 109.00/108.90 is more positive for this week targeting 109.60/70 & first resistance at 109.87/92. Above here look for 110.10/20.
First support at 109.00/108.90. Longs need stops below 108.70. A break lower to target 108.40/35.
EURJPY holding 16-month trend line resistance at 131.50/70 is more negative for this week as we bottomed exactly at the first target of 131.00/95 yesterday, with strong support at 130.50/30 this week.
Key 16 month trend line resistance at 131.40/60. A break above 132.00 however allows a retest of key resistance at 132.30/40. Shorts need stops above 132.65. A break higher meets 6-year trend line resistance at 133.05/25. Shorts need stops above 133.55.
CADJPY has topped exactly at important 14-year trend line & 200-month moving average resistance at 8910/30 again this morning. Shorts need stops above 8960. A break higher can target 14 years 38.2% Fibonacci resistance at 9010/30.
Holding important resistance at 8910/30 again today re-targets 8860/50 with first support at 8820/10. A break below 8800 can target 8770/60 with strong support at 8735/15 this week.
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