USD/JPY: Break Higher Tests 114.70/73; EUR/JPY: Best Support At 133.20/10
Jason Sen | Dec 11, 2017 02:15AM ET
USD/JPY reaches the target of 113.60 and above 113.65 targets 113.85/90 before the most important resistance this week – the 2.5 year downward sloping trend line at 114.05/20. This is the only level worth trading. Try shorts with stops above look for 114.45. A break higher tests the 114.70/72 November high.
Minor support at 113.25/20 then better support at 113.00/112.90 but below here targets support at 112.60/55.
EUR/JPY longs at 132.50/40 turned a profit as we beat strong resistance at 133.05/15 targeting 133.55/60, perhaps as far as 133.90/95. The best trading opportunity is a short at 134.40/50 , with stops above 134.80. But be ready to buy stop and reverse in to a long position on a break higher...it should be worth holding the long for several days.
The best support for today at 133.20/10 but below 133.00 risks a slide to 132.70/60.
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