USD/JPY: A break above 111.05 is a medium term buy signal

Jason Sen DayTradeIdeas.co.uk

USD/JPY, EUR/JPY, CAD/JPY

USDJPY held best support at 109.15/05 & beat 6 month trend line resistance at 110.10/20 for a buy signal targeting 6 week trend line resistance at 110.50/60.

EURJPY topped exactly at resistance at 133.40/60 then bottomed exactly at mega important head & shoulders neck line plus 1 year trend line support at 132.70/50.

CADJPY held resistance at 9050/60 but bottomed exactly at best support at 9020/00.

Which way will the pair break?

Daily analysis

USDJPY beat 6 week trend line resistance at 110.50/60 so holding above here is a buy signal targeting the 2021 high at 110.90/95. A break above 111.05 is a medium term buy signal. Hold longs for a swing trade.

First support at 110.60/50. Longs need stops below 110.30. Best support at 109.45/35. Longs need stops below 109.20.

EURJPY bottomed exactly at mega important head & shoulders neck line plus 1 year trend line support at 132.70/50 as predicted. Longs need stops below 132.35. A lower is an important longer term sell signal initially targeting 131.85 then 131.25/15.

Longs at 132.70/50 target 133.015/25, perhaps as far as resistance at 133.40/60. Shorts need stops above 133.75. A break higher is a short term buy signal targeting 134.00/10. A break above 134.20 is a medium term buy signal.

CADJPY bottomed exactly at best support at 9020/00. Longs need stops below 8990. A break lower is a sell signal targeting 3 week lows at 8960/55, eventually 8925 & probably as far as 8900/8890.

First resistance at 9050/60. Above 9080 however can then retest the high at 9110/20. A break higher is a medium term buy signal.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

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