USD/JPY longs again at 113.90/70 today target 114.45/55

Jason Sen DayTradeIdeas.co.uk

USD/JPY, EUR/JPY, CAD/JPY

USDJPY longs at first support at 113.90/70 work yesterday again!!

EURJPY we wrote: may have seen a high for the rally as we hit severely overbought conditions so we could trade sideways for a while.

PERFECT CALL! Prices collapsed breaking first support at 132.75/65 but MADE A LOW FOR THE DAY EXACTLY AT OUR BUYING OPPORTUNITY AT 132.30/20!!

CADJPY severely overbought conditions kick in as predicted yesterday. The pair over ran first support at 9230/20 hitting 9190. This leaves a bearish engulfing candle for a sell signal.

Daily analysis

USDJPY longs again at 113.90/70 today target 114.45/55, perhaps as far as 114.70. Gains are likely to be limited but of we continue higher look for 114.95 & 115.20.

We are more likely to break support at 113.90/70 if retested today, targeting 113.30/20, perhaps as far as 113.00/112.90.

EURJPY longs at our buying opportunity at 132.30/20 worked perfectly as we bounce to 132.75. Gains are likely to be limited but if we continue higher take profit on any remaining longs at 133.00. Sell at 133.30/50 with stops above the 2021 high at 134.10/12.

Longs at our buying opportunity at 132.30/20 stop below 132.05. A BREAK LOWER IS AN IMPORTANT SELL SIGNAL initially targeting 131.60 then 131.00.

CADJPY gains are likely to be limited after the sell signal. First resistance at 9240/60. Sell at 9280/9300 with stops above 9320.

Eventually, we are expected to break 9200 for a sell signal targeting 9175 & a buying opportunity at 9120/00 with stops below 9090.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

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