USD/JPY remains very much in a sideways trend

Jason Sen DayTradeIdeas.co.uk

USD/JPY – EUR/JPY

USDJPY remains very much in a sideways trend. Unfortunately we missed selling at strong 3.5 month trend line resistance at 105.80/90 by just 6 pips. Same levels apply for today.

EURJPY makes a break above 1.5 month trend line resistance at 124.60/70 for a buy signal.

Daily Analysis

USDJPY minor resistance at 105.40/50. Strong 3.5 month trend line resistance at 105.75/85. Try shorts with stops above 106.00. Be ready to buy a break higher initially targeting 106.30/40, perhaps as far as 106.60/70.

Very minor support at at 105.10/00 but below 104.95 targets 104.50/40 then strong 2 month trend line support at 104.00/103.90.

EURJPY holding above the 1.5 month trend line which is at 124.50/40 today is a buy signal targeting the October high at 125.00/10. A break above 125.20 targets 125.65/75.

Longs at 124.50/40 need stops below 124.20.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

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