USDJPY although I identified 111.45/65 as a target I am not sure why it has acted as such strong resistance but it has held 4 or 5 tests now.

I wrote this every day since Monday: Dollar pairs are entering a sideways consolidation phase & therefore I think we want to switch to more of a scalping/range trading strategy to take advantage of these conditions.

Good call eh?

EURJPY shorts 120.25/45 stopped above 120.75 this time but we did not reach the upper target of 121.35/45.


Daily Analysis

USDJPY holding below 110.70/60 targets 110.50/40 before first support at 110.10/00. Longs need stops below 109.80 to target 109.60 & buying opportunity at 109.25/15 with stops below 108.90.

Holding above 110.70 targets 111.00/10 before a retest of 111.45/65. There are likely to be so many shorts here now that a break higher triggers a a squeeze to strong resistance at the February high at 112.00/20. On a break higher look for 112.80/113.00.

EURJPY reverses from 121.16 in the longer term sideways trend. Minor support around 120.50 but below here targets best support today at 120.20/00. Stop below 119.90 for support at 119.60/50.

A break above 121.20 targets the February high at 121.35/40. Above 121.50 look for 121.80/90.



Weekly outlook is neutral.

Daily outlook is neutral.

Short Term outlook is neutral.

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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