USD/JPY shorts at 107.25/35 are working perfectly

USD/JPY – EUR/JPY

USDJPY shorts at 107.25/35 are working perfectly as we hit minor support at 106.60/50 for a potential 75 pip profit.

EURJPY longs at 122.65/55 looking good after our buy signal targeting 123.20/30, 123.50/60 & 123.90/124.00. We continued higher to 124.28.

Updated at 03:20 GMT

Daily Analysis

USDJPY shorts at 107.25/35 target 107.10/00 with minor support at 106.60/50. This has been holding but I think is unlikely to hold a 3rd test. A break lower targets better support at the June low at 106.15/05. Try longs with stops below 105.90.

A selling opportunity is at 107.25/35 once again with stops above 107.50. A break higher targets 107.75/85.

EURJPY dipped to just above 123.60 & bounced. Obvious resistance at the June high of 124.42 coupled with the 200 week moving average at 124.70.

Holding below 123.90 signals some weakness with a break below 123.60 targeting a buying opportunity at 123.20/10, with stops below 122.95.

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