EUR/JPY: Tests important support at 115.84 in oversold conditions

Jason Sen DayTradeIdeas.co.uk

USD/JPY - EUR/JPY

USDJPY breaks support at 107.00/90 for a sell signal. The pair were kind enough to bounce from the first target of 106.50/40 back to 106390/107.00 for the perfect selling opportunity & we should be short now.

EURJPY shorts at 116.40/50 offered 60 pips profit on the slide to support at 115.84/62. Longs here need stops below 115.40. A break lower is a sell signal.

Daily Analysis

USDJPY holding first resistance at 106.90/107.00 is a sell signal of course targeting 106.50/40 & 106.10/00. A break below 105.90 is our next sell signal.

Try shorts at 106.90/107.00 with stops above 107.20.

EURJPY tests important support at 115.84/62 in oversold conditions. Longs need stops below 115.40. A break lower is a sell signal initially targeting 115.25/20 & support at the 2017 low at 114.90/80.

Longs at 115.84/62 need the pair to hold above 116.10 but we meet strong resistance at 116.40/50. Exit longs & try shorts with stops above 116.70.

Trends

Weekly outlook is neutral.

Daily outlook is neutral.

Short Term outlook is negative.

Author

Jason Sen

DayTradeIdeas.co.uk

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