USD/JPY And EUR/JPY Daily Forecast - 06 August 2018
Jason Sen | Aug 06, 2018 07:15AM ET
USD/JPY key to direction is trend line support at 111.25/15. A bounce from here targets 111.60/50 then 111.85. On further gains look for minor resistance at 112.10/20.
Key support at 111.25/15. Longs need stops below 111.00 so it is a small risk but a break lower is looking increasingly likely and acts as an important sell signal this week targeting 110.65/55 which may hold on the first test for a bounce towards a selling opportunity at 110.15/25. However on further losses look for a buying opportunity at 110.00/109.90.
EUR/JPY breaks support at 129.25/15 targeting 200 week moving average support at at 128.75/65 and 6 month trend line support at 128.30/20. If short, this is a good area for profit taking but longs will be risky. A break below 128.00 is a sell signal and we could quickly lose another 120-120 pips targeting a buying opportunity at 126.80/60.
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