USD/JPY: A break above 109.95 is a buy signal

Jason Sen DayTradeIdeas.co.uk

USD/JPY, EUR/JPY, CAD/JPY

USDJPY bottomed exactly at the 2021 ascending trend line support at 108.40/35 &beat the 100 month MA resistance at 108.90/109.00 to test 4 year trend line resistance at 109.65/75.

EURJPY bottomed exactly at strong support at 131.80/70 today.

CADJPY held key support at the 14-year trend line & 200 months moving average at8930/00 to test 14 year 38.2% Fibonacci resistance at 9010/30. A break above 9040this week is a major longer-term buy signal.

Daily analysis

USDJPY through 1083.90/109.00 for the next target of 109.70/80 & topped exactly here. This is 4-year trend line resistance. A break above 109.95 is a buy signal targeting 110.20/30 & 110.80/90.

Holding 4-year trend line resistance targets 109.25/15. A good chance of a low for the day but longs need stops below 108.90.

EURJPY longs at strong support at 131.80/70 work on the bounce to the April high at132.30/40. A break higher targets 6-year trend line resistance at 133.05/25. Shorts need stops above 133.55.

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

CADJPY making a break above 14 years 38.2% Fibonacci resistance at 9010/30 is a major longer-term buy signal initially targeting 9065/9070 & 9120/30, perhaps as far as 9140/45.

Minor support at 8999/89. Strong support at 8930/00. Longs need stops below 8870.

Next target is 8840/20.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

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