USD/JPY try shorts at 104.05/15 with stops above 104.30. A break higher targets 104.65/75.
Minor support at this week’s low at 103.50/40 before a retest of the November low at 103.25/15. A break below 103.00 is an important sell signal.
EUR/JPY longs at strong support at last week’s low at 125.80/75 target first resistance at 126.15/25 for some profit taking. Further gains test resistance at the upper end of the range at 126.60/80 for profit taking on any remaining longs. Shorts need stops above 126.90.
Be ready to buy a break above 126.90 for an important longer term buy signal initially targeting this year’s high at 127.00/07. A break above here is obviously another important buy signal.
Shorts at 126.60/80 target first support at 126.25/15 before a strong support at last week’s low at 125.80/75. A break lower this week meets strong support at 125.50/40, longs need stops below 125.20.
- Weekly Outlook Neutral
- Daily Outlook Neutral
- Short Term Outlook Neutral