USD/JPY has 4-year trend line resistance at 109.65/75

Jason Sen DayTradeIdeas.co.uk

USD/JPY, EUR/JPY, CAD/JPY

USDJPY holding 4-year trend line resistance at 109.65/75 perfectly to target109.25/15. We bottomed exactly here as predicted.

EURJPY beat the April high at 132.30/40 bit meets 6-year trend line resistance at133.05/25.

CADJPY holding 14 years 38.2% Fibonacci resistance at 9010/30 (although we over into the next target of 9065/70 last week).

Daily analysis

USDJPY has 4-year trend line resistance at 109.65/75. A break above 109.95 is a buy signal targeting 110.20/30 & 110.80/90.

Holding 4-year trend line resistance re-targets good support at 109.25/15. Further losses test 4 month trend line support at 108.75/65. Longs need stops below 108.45.

EURJPY holding good support at 132.25/15 meets 6-year trend line resistance at133.05/25. Shorts need stops above 133.55. A weekly close above here is a buy signal for next week.

Good support at 132.25/15. Longs need stops below 131.95. A break is lower to targets131.60/55.

CADJPY tests 14 years 38.2% Fibonacci resistance at 9010/30. A break above 9065this week is a major longer-term buy signal initially targeting 9120/30 & 9140/45.

Holding 9010/30 meets first support at 8950/40, strong support at 8910/00. Longs need stops below 8870.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

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