USD/JPY: First support at 107.80

Jason Sen DayTradeIdeas.co.uk

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.

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Trends

Weekly outlook is neutral

Daily outlook is neutral

Short Term outlook is neutral

Author

Jason Sen

DayTradeIdeas.co.uk

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