USD/JPY holding important resistance at 109.65/80

Jason Sen DayTradeIdeas.co.uk

USD/JPY and EURJ/PY Daily Forecast

USD/JPY holding important resistance at 109.65/80. Outlook negative in the medium term as long as we hold below here. We retested minor support at 109.30/25.

EUR/JPY breaks & holds below 122.10/00 to test to minor support at 121.60/50 & hold above strong support at 121.35/30

Daily Analysis

USD/JPY shorts at 109.65/80 target minor support at 109.25/20. If this levels fails we test strong support at 109.00/108.90 for some profit taking but longs are risky. A break below 108.75 is the next sell signal.

Shorts at important resistance at 109.65/80 need stops above 109.99. Bulls require a sustained break above 110.00 for an important medium term buy signal, initially targeting 110.25/30.

EUR/JPY holding below minor resistance at 122.10/00 risks a slide to minor support at 121.60/50 with strong support at 121.25/15. Longs need stops below 120.90. A break lower is a sell signal targeting 120.60/55 then 120.30/20 with a buying opportunity at 120.10/00.

Bulls require a break above 122.10 to target 122.35/45 before a retest of the recovery high at 122.55/65. A break above 122.70 targets 123.00/10.

Trends

Weekly outlook is neutral

Daily outlook is neutral

Short Term outlook is positive

Author

Jason Sen

DayTradeIdeas.co.uk

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens.

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