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

USDJPY

CADJPY

The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.

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