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

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens.

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