USD/JPY: Selling opportunity at 107.20

Jason Sen DayTradeIdeas.co.uk

USD/JPY – EUR/JPY

USDJPY finally broke out of the recent range. We wrote: holding first resistance at 107.40/50 targets 107.20/10, perhaps as far as 106.90/80. On further losses look for 106.60/50...

We held just 2 pips above this target.

EURJPY broke 120.90/80 to hit the next target of 120.30 then shot higher to 120.80/90 & topped exactly here.

Daily Analysis

USDJPY minor resistance at 106.95/107.00 then a selling opportunity at 107.20/30, with stops above 107.40. Above here targets 107.80/85. A break above 107.95 targets 108.15 with a selling opportunity at 108.35/45; stops above 108.65.

We held the 106.60/50 target but I do not see this as much of a support level. A break lower tests minor support at the May low at 106.00/105.95.

EURJPY holding first resistance at 120.80/90 targets 120.65/60 & 120.30/20. Look for support at 119.80/70.

A break above 121.00 targets 121.15/20 & 121.35/45.

Trends

Weekly outlook is neutral.

Daily outlook is neutral.

Short Term outlook is neutral.

Author

Jason Sen

DayTradeIdeas.co.uk

EUR/USD holds firm near 1.1850 amid USD weakness

EUR/USD remains strongly bid around 1.1850 in European trading on Monday. The USD/JPY slide-led broad US Dollar weakness helps the pair build on Friday's recovery ahead of the Eurozone Sentix Investor Confidence data for February.

GBP/USD holds medium-term bullish bias above 1.3600

The GBP/USD pair trades on a softer note around 1.3605 during the early European session on Monday. Growing expectation of the Bank of England’s interest-rate cut weighs on the Pound Sterling against the Greenback.

Gold remains supported by China's buying and USD weakness as traders eye US data

Gold struggles to capitalize on its intraday move up and remains below the $5,100 mark heading into the European session amid mixed cues. Data released over the weekend showed that the People's Bank of China extended its buying spree for a 15th month in January. Moreover, dovish US Fed expectations and concerns about the central bank's independence drag the US Dollar lower for the second straight day, providing an additional boost to the non-yielding yellow metal.

Cardano steadies as whale selling caps recovery

Cardano (ADA) steadies at $0.27 at the time of writing on Monday after slipping more than 5% in the previous week. On-chain data indicate a bearish trend, with certain whales offloading ADA. However, the technical outlook suggests bearish momentum is weakening, raising the possibility of a short-term relief rebound if buying interest picks up.

Japanese PM Takaichi nabs unprecedented victory – US data eyed this week

I do not think I would be exaggerating to say that Japanese Prime Minister Sanae Takaichi’s snap general election gamble paid off over the weekend – and then some. This secured the Liberal Democratic Party (LDP) an unprecedented mandate just three months into her tenure.

Bitcoin, Ethereum and Ripple consolidate after massive sell-off

Bitcoin, Ethereum, and Ripple prices consolidated on Monday after correcting by nearly 9%, 8%, and 10% in the previous week, respectively. BTC is hovering around $70,000, while ETH and XRP are facing rejection at key levels. Traders should be cautious: despite recent stabilization, upside recovery for these top three cryptocurrencies is capped as the broader trend remains bearish.