Forex Opinion & Analysis

USD/JPY And EUR/JPY Outlook Neutral

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.

Trends

  • Weekly Outlook Neutral
  • Daily Outlook Neutral
  • Short Term Outlook Neutral

JPY Chart

Source

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