USDJPY stuck in a narrow sideways range. from 109.60/55 to resistance at 109.90/110.00.

EURJPY we have a potential double top at 130.51/66.

CADJPY we wrote: breaks good support at 8750/40 which could trigger a test of the best support for today at 8700/8690.

Daily Analysis

USDJPY holding first resistance at 110.00/109.90 risks a slide to support at 109.40/30. Stop below 109.20. A break lower to tests strong support at 109.00/108.95 which could see a low for the week.

Above 110.00 meets minor resistance at 110.25/35. Bulls need a break above 110.50 to retest the high at 110.85/95. A break above 111.00 targets 111.40/50 & 111.65/75.

EURJPY retests the March high at 130.55/65 & held again yesterday. A break above 130.75 is obviously a positive signal but we run in to important 15 month trend line resistance at 131.15/25.

First support at 130/129.80 then strong support at 128.45/35 could see a low for the day if tested.

CADJPY holds the best support for the day at 8700/8690. Longs need stops below 8670. A break lower can target support at 8625/15. Watch for a low for the day if tested. First resistance at 8720/30, stronger resistance at 8760/70. Above 8780 allows a retest of 8820/30 highs.



The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.

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