USD/JPY outlook negative & a break below 109.70/60 targets 109.40/35

USDJPY _ EURJPY Spot

USDJPY outlook negative & a break below 109.70/60 targets 109.40/35. On further losses look for 109.15/10 then 108.95/90. Gains are likely to be limited with first resistance at 110.20/25 but above here targets 110.45/50, perhaps as far as a selling opportunity at 110.80/90, with stops above 111.05.

EURJPY broke February & March lows at 124.26/124.14 to hit 500 week moving average support at 123.90 & bottom 9 pips below at 123.81. A break below 123.75 targets 123.40/35, perhaps as far as 122.95/85. On further losses look for 122.40/35. First resistance at 124.45/55 then strong resistance at 124.90/99.