USD/JPY beat important resistance at 109.60./70 for a buy signal

Jason Sen DayTradeIdeas.co.uk

USD/JPY - EUR/JPY

USD/JPY beat important resistance at 109.60./70 for a buy signal.

EUR/JPY we wrote: just touching the next target of 121.70/75 before resistance at January's high at 121.90/122.00. Above 122.10 can test 1.2245/50.

All targets hit as we reach 122.75.

Daily Analysis

USD/JPY bulls remain in control on the break above 109.60/70 as we reach 110.20. Further gains expected to target important 15 month trend line resistance at 110.45/50. Watch for a high for the day. Bulls need a sustained break above 110.60 for the next buy signal.

Try longs at 109.70/60, with stops below 109.40.

EUR/JPY through 1.2245/50 to reach 122.75. Further gains target quite strong resistance at 123.00/10. A break higher targets 123.40/50.

First support at 122.60/50 but below 122.30 risks a slide to 122.10/00.

Trends

Weekly outlook is neutral

Daily outlook is neutral

Short Term outlook is negative

Author

Jason Sen

DayTradeIdeas.co.uk

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