USD/JPY: Longs need stops below 109.50

Jason Sen DayTradeIdeas.co.uk

USD/JPY, EUR/JPY, CAD/JPY

USDJPY remains trapped in a sideways trend for 2 months.

EURJPY longs at first support at 129.70/60 worked perfectly with a 40-50 pip profit offered.

CADJPY drifting week to week in a sideways trend with strong resistance at 8710/20 today.

Daily analysis

USDJPY struggles to beat 109.90/110.00 but further gains meet resistance at 110.30/40. Shorts need stops above 110.50 for a retest of the August high at 110.75/80. A break higher can target 110.50/60.

First support at 109.70/60. Longs need stops below 109.50. A break lower targets 109.20/10.

EURJPY longs at first support at 129.70/60 are working but we run in to first resistance again at 130.20/30. Shorts need stops above 130.40. A break higher can retest the September high at 130.65/75.

First support again at 129.70/60, longs need stops below 129.40. A break lower can target 129.30 & 129.10/00 for profit taking on any shorts.

CADJPY strong resistance at 8710/20. Shorts need stops above 8735. A break higher targets 8755 before a retest of 8778/88.

Shorts at at 8710/20 target 8670/65, perhaps as far as first support at 8625/15 for profit taking. A break below 8590 can target 8560/50.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

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