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
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.
Recommended Content
Editors’ Picks
AUD/USD rises to two-day high ahead of Aussie CPI
The Aussie Dollar recorded back-to-back positive days against the US Dollar and climbed more than 0.59% on Tuesday, as the US April S&P PMIs were weaker than expected. That spurred speculations that the Federal Reserve could put rate cuts back on the table. The AUD/USD trades at 0.6488 as Wednesday’s Asian session begins.
EUR/USD now refocuses on the 200-day SMA
EUR/USD extended its positive momentum and rose above the 1.0700 yardstick, driven by the intense PMI-led retracement in the US Dollar as well as a prevailing risk-friendly environment in the FX universe.
Gold price cautious despite weaker US Dollar and falling US yields
Gold retreats modestly after failing to sustain gains despite fall in US Treasury yields, weaker US Dollar. XAU/USD struggles to capitalize following release of weaker-than-expected S&P Global PMIs, fueling speculation about potential Fed rate cuts.
Ethereum continues hinting at rally following reduced long liquidations
Ethereum has continued showing signs of a potential rally on Tuesday as most coins in the crypto market are also posting gains. This comes amid speculation of a potential decline following FTX ETH sales and normalizing ETH risk reversals.
Australia CPI Preview: Inflation set to remain above target as hopes of early interest-rate cuts fade
An Australian inflation update takes the spotlight this week ahead of critical United States macroeconomic data. The Australian Bureau of Statistics will release two different inflation gauges on Wednesday.