USD/JPY rockets as the US dollar breaks higher

Jason Sen DayTradeIdeas.co.uk

USD/JPY – EUR/JPY – CAD/JPY

USDJPY straight through strong 500 day & 100 week moving average resistance at 107.15/25. We barely even paused!

EURJPY mostly sideways this week but we are in a 9 month bull trend so we remain buyers on weakness.

CADJPY also in a bull trend with the Yen trending lower across the board. We hit the next targets of 8490/8510 & 8535/40.

Daily Analysis

USDJPY rockets as the US dollar breaks higher across the board to hit 108.00. Further gains look likely in the bull trend despite overbought conditions as we look for 108.20/25 & 108.80/95.

We have risen so quickly it is difficult to identify support levels but I would suggest 107.65/55 could hold the downside, Longs need stops below 107.40.

EURJPY holds the target of 129.45/55. Further gains in the bull trend can retest 129.85/95. A break above 130.05 is a buy signal initially targeting 130.30/35.

Minor support at 128.80 also held (we bounced 7 pips above) but below here risks a slide to 128.50/40 with a buying opportunity at 128.15/05. Stop below 127.95.

CADJPY hit the next target of 8535/40 & reversed just 13 pips above here. Downside is expected to be limited in the bear trend with support at 8495/85. Longs need stops below 8465.

A break above 8560 targets 8590/99 then strong resistance at 8615/25 for profit taking on longs.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

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