USD/JPY _ EUR/JPY
USDJPY we wrote: 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.
Not a great day as we sliced through all support levels to hit 108.83 over night.
EURJPY reversed from 121.16 in the longer term sideways trend hitting the best support today at 120.20/00 (being tested over night). Stop below 119.90.
Reports will be updated at about lunchtime GMT if necessary.
Daily Analysis
USDJPY outlook negative as we hold below 109.25/15 targeting 108.50/30 & first support at 107.80/60. Longs need stops below 107.30 for 106.80/70 & 106.60/40.
If we hold above 109.25 look for 109.60/70 & resistance at 110.00/10. Try at 110.60/70 shorts with stops above 111.00.
EURJPY best support today at 120.20/00. Stop below 119.90. A break lower is a sell signal targeting 119.60/50 & support at 119.30/20.
A bounce from 120.20/00 targets 120.50/60 before a retest of 121.05/15. A break above 121.20 targets the February high at 121.35/40. Above 121.50 look for 121.80/90.
To subscribe to this daily report please visit daytradeideas.co.uk or email [email protected]
Trends
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.
Recommended Content
Editors’ Picks
EUR/USD steady below 1.0800 after US PCE meets expectations
EUR/USD remains depressed below 1.0800 after soft French inflation data, amid minimal volatility and thin liquidity on Good Friday. The pair barely reacted to US PCE inflation data, with the Greenback shedding some pips. Fed Chair Jerome Powell set to speak ahead of the weekly close.
GBP/USD hovers around 1.2620 in dull trading
GBP/USD trades sideways above 1.2600 amid a widespread holiday restraining action across financial markets. Investors took a long weekend ahead of critical United States employment data next week. Fed Chair Powell coming up next.
Gold price sits at all-time highs above $2,230
Gold price holds near a fresh all-time high at $2,236 in thinned trading amid the Easter Holiday. Most major world markets remain closed, although the United States published core PCE inflation, the Federal Reserve’s favorite inflation gauge.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito (JTO) price has been on an uptrend since forming a local bottom in early January. Since then, JTO has revisited the key swing point formed in early December, suggesting the bulls’ intention to move higher.
Key events in developed markets next week
Next week, the main focus will be inflation and the labour market in the Eurozone. We expect services inflation to be impacted by the easter effect, while the unemployment rate to be unchanged.