USD/JPY: a break below 108.75 is the next sell signal

Jason Sen DayTradeIdeas.co.uk

USD/JPY and EUR/JPY Daily Forecast

USD/JPY topped exactly at important resistance at 109.65/80. Outlook negative.

EUR/JPY collapsed from 122.64 breaking minor support at 122.00/90 to hit the next target of 121.60/50.

Daily Analysis

USD/JPY shorts at 109.65/80 have hit the first target & minor support at 109.30/25. Further losses test strong support at 109.00/108.90 for profit taking but longs are risky. A break below 108.75 is the next sell signal.

Shorts at important resistance at 109.65/80 need stops above 109.99. Bulls require a sustained break above 110.00 for an important medium term buy signal.

EUR/JPY tests minor support at 121.60/50 with strong support at 121.35/30. Longs need stops below 121.10.

Minor resistance at 122.00/10 before the recovery high at 122.55/65. A break above 122.70 targets 123.00/10.

Trends

Weekly outlook is neutral

Daily outlook is neutral

Short Term outlook is positive

Author

Jason Sen

DayTradeIdeas.co.uk

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