EUR/JPY: Strong support at 131.80/70

Jason Sen DayTradeIdeas.co.uk

USD/JPY, EUR/JPY, CAD/JPY

USDJPY spent the week holding the 100 month MA support at 109.00/108.90 until a break lower to on the NFP number on Friday which is more negative for this week. We bottomed exactly at the next target of 108.40/35.

EURJPY beat 16 month trend line resistance at 131.40/60 for a buy signal & TOPPED EXACTLY at the next target of the April high at 132.30/40.

CADJPY beat 14 year trend line resistance at 8910/30 (& bottomed exactly here on Friday) but TOPPED EXACTLY AT 14 year 38.2% Fibonacci resistance at 9010/30.

Daily analysis

USDJPY holding below the 100 month MA resistance at 108.90/109.00 is more negative for this week. However we bottomed exactly at the 2021 ascending trend line support at 108.40/35. A break below 108.25 therefore should be a sell signal this week initially targeting 107.80/70 & 107.20/10.

The pair topped exactly at first resistance at 1083.90/109.00. Shorts need stops above 109.20. A break higher targets 109.70/80.

EURJPY finally beat 16 month trend line resistance at 131.50/70 to retest the April high at 132.30/40. WE TOPPED EXACTLY HERE. A break higher looks likely (eventually, we do not know when) targeting 6 year trend line resistance at 133.05/25. Shorts need stops above 133.55.

Strong support at 131.80/70. Longs need stops below 131.50. A break lower to targets 131.10/00.

CADJPY key support at the 14 year trend line & 200 month moving average at 8930/00. (We bottomed exactly here on Friday). The pair TOPPED EXACTLY at 14 year 38.2% Fibonacci resistance at 9010/30. A break above 9040 this week is a major longer term buy signal.

Strong support at 8930/00. Longs need stops below 8870.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

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