USD/JPY: Risks are to the downside

Jason Sen DayTradeIdeas.co.uk

USD/JPY – EUR/JPY

USDJPY topped exactly at first resistance at 105.65/75 & retests 105.20/10. We are getting oversold but no buy signal yet so risks are to the downside.

EURJPY reversed to our buying opportunity at 123.15/05 with stops below 122.85. We are holding over night but waiting for a bounce for profit taking.

	Scalping levels.	Target.
AUDUSD	Potential double top sell signal in overbought conditions.
AUDUSD	scalping levels: 7130/20, 7030/20 – 30/40 pip turn
AUDUSD	buy a break above 7190	7235, 7260
NZDUSD	selling opportunity at 6680/6700. Stop above 6710	6625, 6580
NZDUSD	A break higher is a buy signal	6710, 6750, 6775
NZDUSD	buy 6630/25, with stops below 6615, target is 6650
NZDUSD	buy at 6580/70 with stops below 6555	6615, 6640
EURJPY	buying opportunity at 123.15/05 with stops below 122.85
EURJPY	buying opportunity at 122.10/00 stops below 121.85.
EURUSD	Support at 1.1695/85, stops below 1.1670
EURUSD	Buying opportunity at 1.1645/35, with stops below 1.1615.
USDCAD	buying opportunity at 1.3360/50, stops below 1.3330	1.3400, 1.3420, 1.3440
USDCAD	a break lower is a sell signal
USDCAD	sell at 1.3485/95, stops above 1.3515	1.3440, 1.3410
Gold	buying opportunity at 1909/07, with stops below 1902.	1930
Dax September	selling opportunity at 12900/930 with stops above 12980	12800, 12650
Dax September	Best support at 12560/530. Stop below 12480.

Daily Analysis

USDJPY trying a break below 105.20/10 targeting 104.90 then 104.60 & perhaps as far as 104.30/20.

First resistance at 105.65/75 held this morning. A break above 105.90 allows a further recovery to strong resistance at 106.15/25. Stop above 106.40.

EURJPY longs at 123.15/05 target 123.60/65 for profit taking. If we continue higher look for 123.90/124.00 before a retest of last week's high at 124.23/28. Obvious resistance at the June high of 124.42 coupled with the 200 week moving average at 124.70.

Try longs at 123.15/05 with stops below 122.85. A break lower is a sell signal initially targeting 122.45/35 with strong support at 122.10/00. Longs need stops below 121.85.

Trends
Weekly Outlook	Neutral
Daily Outlook	Neutral
Short Term Outlook	Neutral

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

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