USD/JPY: Be ready to buy a break above 106.30

Jason Sen DayTradeIdeas.co.uk

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.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

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