USD/JPY: holding 109.70/90 targets 109.50/45

Jason Sen DayTradeIdeas.co.uk

USD/JPY reversed 4 pips from our selling opportunity at 109.70/90.

EUR/JPY we wrote: outlook positive as long as we hold above first support at 120.30/20. We are crawling slowly towards targets of 120.50/60 & 120.90/121.00.

USD/JPY holding the important selling opportunity in the 109.70/90 area, with stops above 110.10. A break higher is a strong buy signal.
Holding 109.70/90 targets 109.50/45 & minor support at 109.35/30. Below 109.20 signals further losses to 109.15/10 & perhaps as far as strong support at 108.90/80.

EUR/JPY hits the target of 120.50/60 & on the way to 120.90/121.00 this morning. On further gains look for 121.35/45.
Try longs at 120.30/20 with stops at 120.05. A break lower however targets 119.80/70 with strong support at 119.30/20. Longs need stops below 119.00.

Trends

Weekly outlook is negative.

Daily outlook is neutral.

Short Term outlook is positive.

Author

Jason Sen

DayTradeIdeas.co.uk

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