USD/JPY: a break below 108.25 is the next sell signal

Jason Sen DayTradeIdeas.co.uk

USDJPY_ EURJPY

USDJPY shorts at 108.90/109.00 starting to work.

EURJPY trades sideways with no clear direction or trade signals for today.

Daily Analysis

USDJPY topped exactly at strong resistance at 108.90/109.00. Shorts need stops above 109.10. A break higher targets 109.30/35 & 109.55/60. Try shorts at 109.70/80 with stops above 109.99.

Shorts at 108.90/109.00 target 108.75/70 (hit) & minor support at 108.45/35. A break below 108.25 is the next sell signal targeting 108.05/00 & strong support at 107.80/70. Longs need stops below 107.55.

EURJPY minor resistance at 120.50/60 now working as support with strong resistance at 120.90/121.00 still holding. On further gains look for 121.35 & strong resistance at 121.50/55.

Support at 120.25/15 is less likely to hold on the next test. Be ready to sell a break below 120.05 for 119.80 & 119.70/65 before a buying opportunity at 119.30/20, with stops below 119.05.

Trends

Weekly outlook is neutral

Daily outlook is neutral

Short Term outlook is neutral

Author

Jason Sen

DayTradeIdeas.co.uk

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