EUR/JPY: Bulls require a sustained break above 118.25 to retest the May highs

Jason Sen DayTradeIdeas.co.uk

USD/JPY– EUR/JPY

USDJPY remains in a narrowing sideways trend as we bottomed exactly at our buy level of 107.35/25.

EURJPY beat resistance at 117.45/55 targeting 117.90 & 118.10/15. Difficult to trade in the sideways trend.

Daily Analysis

USDJPY buy at 107.35/25; stops below 107.05. A break lower targets 106.80/70, perhaps as far as 106.45/40.

Longs at 107.35/25 target 107.55/65, perhaps as far as 107.90/108.10 for profit taking. Sell at 108.30/40, stop above 108.60. A break higher is a buy signal targeting 109.00/10 & 109.25/30 for profit taking.

EURJPY bulls require a sustained break above 118.25 to retest the May high & resistance at 118.52/62. Shorts need stops above 118.80. A break higher is a buy signal targeting 119.20/30 today.

Best support at 117.60/50. Stop below 117.30. A break lower is a sell signal targeting 117.00/116.90. Further losses meet a buying opportunity at 116.60/50 with stops below 116.30.

Trends

Weekly outlook is neutral.

Daily outlook is neutral.

Short Term outlook is neutral.

Author

Jason Sen

DayTradeIdeas.co.uk

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