EUR/JPY: buying opportunity at 119.30/20

Jason Sen DayTradeIdeas.co.uk

USD/JPY topped exactly at resistance at 108.80/90.

EUR/JPY trades sideways with no clear trend or obvious trading levels for today.

Daily Analysis

USD/JPY holding minor support at 108.45/35 but outlook is negative so a break below 108.30 is the next sell signal targeting 108.05/00 & strong support at 107.80/70. Longs need stops below 107.55.

Strong resistance at 108.90/109.00. Try shorts with stops above 109.10. A break higher targets 109.30/35 & 109.55/60. Try shorts at 109.65/80 with stops above 109.99.

EUR/JPY a break below 120.25/15 targets 119.80 & 119.70/65 before a buying opportunity at 119.30/20, with stops below 119.05.

Bulls need prices to hold above 120.20 to target minor resistance at 120.50/60 & perhaps as far as strong resistance at 120.90/121.00. On further gains look for 121.35 & strong resistance at 121.30/40.

Trends

Weekly outlook is neutral

Daily outlook is neutral

Short Term outlook is positive

Author

Jason Sen

DayTradeIdeas.co.uk

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