USD/JPY: Selling opportunity at 107.50

Jason Sen DayTradeIdeas.co.uk

USD/JPY _ EUR/JPY

USDJPY bottomed exactly at first support at 107.20/10 & reversed just 8 pips below ourselling opportunity at 107.50/60.

EURJPY beat resistance at 121.95/122.05 with shorts stopped above 122.15 for a very smallloss. We are targeting resistance 122.50/60.

Daily Analysis

USDJPY selling opportunity at 107.50/60, with stops above 107.75. Above here targets107.90/95 & 108.15 with a selling opportunity at 108.35/45; stops above 108.65.

Shorts at 107.50/60 target minor support at 107.20/10. Below 107.00 is more negative fortoday, re-targeting 106.60/50. I do not see this as much of a support level. A break lowertests minor support at the May low at 106.00/105.95.

EURJPY selling opportunity at 122.50/60 with stops above 122.90 A sustained break abovehere is a medium term buy signal targeting 123.20/30.

Shorts at 122.50/60 target 121.00/90. Below here risks a slide to 121.70 with a buyingopportunity at 121.40/30, with stops below 121.10.

Trends

Weekly outlook is neutral

Daily outlook is neutral

Short Term outlook is neutral

Author

Jason Sen

DayTradeIdeas.co.uk

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