USD/JPY – EUR/JPY
USDJPY shorts at first resistance at 104.05/15 worked perfectly offering up to 50 pips profit.
EURJPY tests first resistance at 123.30/40.
USDJPY holding first resistance at 104.05/15 keeps the outlook negative, targeting 103.75/70 (we bottomed exactly here yesterday), perhaps as far as 103.50/45 today. Further losses retest support at the November low of 103.25/15. Longs need stops below 103.00.
First resistance at 104.05/15. Shorts need stops above 104.25. A break higher targets a selling opportunity at 104.50/60 with stops above 104.75.
EURJPY holding first resistance at 123.30/40 re-targets 123.00/122.90. If we continue lower look for 122.70/60 then 122.10/00.
First resistance at 123.30/40 then a selling opportunity at 123.70/80 with stops above 123.90.
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.