USD/JPY, EUR/JPY And CAD/JPY Forecast
USD/JPY remains trapped in a sideways trend for almost 2 months with only a 20 pip range yesterday.
EUR/JPY we wrote: holding above 129.50 is positive for this week with the break above last week’s high at 129.74/76 to target 129.90 and 130.20/30.
We hit targets as far as 130.55 as we look for 130.90/131.00. A nice profit on longs bought at the start of this week.
CAD/JPY shorts at 8720/30 stopped above 8750.
Today’s Analysis
USD/JPY first resistance at 110.25/35. A break higher targets 110.45/55 before a retest of the August high at 110.75/80.
First support at 109.85/75. A break lower risks a slide to 109.40 perhaps as far as 109.10/00.
EUR/JPY through 129.50 and last week’s high at 129.74/76 to targets of 130.20/30 and 130.55 as we look for very strong resistance at 130.90/131.00. Watch for a high for the day. Shorts need stops above 131.30.
Minor support at 130.40/30. Strong support at 130.10/00. Longs need stops below 129.90. A buying opportunity at 129.75/65. Stop below 129.50.
CAD/JPY longs at first support at 8710/8690 worked. A break above 8775 looks likely eventually targeting 8810/20. Watch for a high for the day today.
First support again at 8710/8690. Longs need stops below 8680. A break lower targets 8660/50, perhaps as far as 8620/10.
JPY Chart
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