USD/JPY: A break above 108.60 is a buy signal

Jason Sen DayTradeIdeas.co.uk

USD/JPY _ EUR/JPY

USDJPY remains in a sideways trend as we bottomed exactly at our buy level of 107.35/25 hitting our 107.90/108.10 target for profit taking. We topped exactly here.

EURJPY bounced just 8 pips above best support at 117.60/50 to retest the May high & resistance at 118.52/62.

Daily Analysis

USDJPY buy at 107.65/55 with stops below 107.45. Buy again at 107.30/20 with stops below 107.05. A break lower targets 106.80/70, perhaps as far as 106.45/40.

We topped exactly at 107.90/108.10 for profit taking. Sell at 108.30/40, stop above 108.60. A break higher is a buy signal targeting 109.00/10 & 109.25/30 for profit taking.

EURJPY hits 118.91. Further gains target 119.30/40 then a selling opportunity at 119.80/90 with stops above 120.20.

Minor support at 1180.50/40 but below here targets 118.25/20 then a buying opportunity at 117.85/75 with stops below 117.55.

Trends

Weekly outlook is neutral.

Daily outlook is neutral.

Short Term outlook is neutral.

Author

Jason Sen

DayTradeIdeas.co.uk

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