USD/JPY shorts at 106.90/107.00 worked on the slide to 106.50/40 – we bounced from here to top 3 pips from 106.90/107.00.
EUR/JPY hovering around important support at 115.84/62 in oversold conditions with longs held above 115.40.
TODAY'S ANALYSIS
USD/JPY holding first resistance at 106.90/107.00 and the first target of 106.50/40 to establish a short term range. Further losses look likely eventually for 106.10/00. A break below 105.90 is our next sell signal.
Try shorts at 106.90/107.00 with stops above 107.30. An unexpected break higher targets 107.60/70.
EUR/JPY tests important support at 115.84/62 in oversold conditions. Longs need stops below115.40. A break lower is a sell signal initially targeting 115.25/20 & support at the 2017 low at 114.90/80.
Longs at 115.84/62 look for some profit taking at 116.30/40. Be ready to buy a break above 116.55 for a selling opportunity at 116.80/90. Stop above 117.20.
TRENDS
- Weekly outlook is neutral
- Daily outlook is neutral
- Short Term outlook is negative
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