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.
| Trends | |
| Weekly Outlook | Neutral |
| Daily Outlook | Neutral |
| Short Term Outlook | Neutral |
Chart
The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.
Recommended Content
Editors’ Picks
EUR/USD retreats toward 1.0850 on modest USD recovery
EUR/USD stays under modest bearish pressure and trades in negative territory at around 1.0850 after closing modestly lower on Thursday. In the absence of macroeconomic data releases, investors will continue to pay close attention to comments from Federal Reserve officials.
GBP/USD holds above 1.2650 following earlier decline
GBP/USD edges higher after falling to a daily low below 1.2650 in the European session on Friday. The US Dollar holds its ground following the selloff seen after April inflation data and makes it difficult for the pair to extend its rebound. Fed policymakers are scheduled to speak later in the day.
Gold climbs to multi-week highs above $2,400
Gold gathered bullish momentum and touched its highest level in nearly a month above $2,400. Although the benchmark 10-year US yield holds steady at around 4.4%, the cautious market stance supports XAU/USD heading into the weekend.
Chainlink social dominance hits six-month peak as LINK extends gains
-637336005550289133_XtraSmall.jpg)
Chainlink (LINK) social dominance increased sharply on Friday, exceeding levels seen in the past six months, along with the token’s price rally that started on Wednesday.
Week ahead: Flash PMIs, UK and Japan CPIs in focus – RBNZ to hold rates
After cool US CPI, attention shifts to UK and Japanese inflation. Flash PMIs will be watched too amid signs of a rebound in Europe. Fed to stay in the spotlight as plethora of speakers, minutes on tap.