USD/JPY – EUR/JPY

USDJPY retreats from our selling opportunity at 105.65/75 by just 3 pips. Outlook negative.

EURJPY bottomed exactly at the 100 day moving average at 123.50/40. This is key to direction today.

Daily Analysis

USDJPY try shorts at 105.60/70 with stops above 105.80. A break higher retests 106.10/20. Be ready to buy a break above 106.30 targeting 106.60/70.

Holding 105.60/70 targets minor support at 105.30/20 (hit again) then 104.95/90. A break below 104.80 targets 104.50/40.

EURJPY minor resistance at 123.75/85 but above here try shorts at 124.30/40 with stops above 124.60. A break above 124.60 meets strong resistance at the 200 week moving average at 125.15/25. A break higher is a buy signal targeting 125.70/80 & 126.00/10.

Holding the 100 day moving average at 123.50/40. A break below 123.30 however is a sell signal targeting the October low at 123.00 then a bub 122.20/00. Stop below 121.80 & reverse in to a short.

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The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.

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