Forex Opinion & Analysis

USD/JPY, EUR/JPY, CAD/JPY Forecast

USD/JPY shorts at 109.60/70 worked perfectly with a 70-80 pips profit as we bottomed exactly at strong support at 108.95/85. Longs at strong support at 108.95/85 worked perfectly on the bounce to resistance at 109.50/60 for profit taking. An easy 140 pips profit already this week.

EUR/JPY shorts at resistance at 130.35/45 worked perfectly hitting targets of 129.90/80 and 129.40/30 for a potential 100 pip profit. Longs at 128.85/75 yesterday targeted 129.40/50 and strong resistance at 129.90/130.00 for an easy 100 pip profit. That’s 200 pips profit already this week.

CAD/JPY shorts at 8800/20 worked perfectly targeting minor support at 8680/70 as expected for an easy 120 pip profit. Longs at best support at 8680/70 worked perfectly on the bounce to strong resistance at 8760/70 for another 70 pip profit—that’s 190 pips already this week.

Today’s Analysis

USD/JPY shorts at strong resistance at 109.60/70 target strong support at 108.95/85. Longs at 108.95/85 need stops below 108.70. A break lower is a sell signal targeting 108.40/30 then 108.05/00. First resistance at 109.60/70. A break higher, however, targets 109.85/95. A high for the day possible but shorts need stops above 110.05.

EUR/JPY longs at 128.85/75 target 129.40/50 and strong resistance at 129.90/130.00 for an easy 100 pip profit. Shorts need stops above 130.20. A break higher targets 130.60/70. Shorts at resistance at 129.90/130.00 target 129.40/30, perhaps as far as strong support at 128.85/75. Longs need stops below 128.45.

CAD/JPY tests strong resistance at 8760/70. Shorts need stops above 8780. A break higher is a buy signal targeting resistance at 8820/30. Shorts need stops above 8840. Shorts at at 8760/70 target 8720/10, perhaps as far as best support at 8680/70. Longs need stops below 8650. A break lower is a sell signal targeting 8620/10, perhaps as far as 8560/50.

JPY Chart

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