USD/JPY & EUR/JPY Daily Forecast - 12 March 2018
Jason Sen | Mar 12, 2018 03:53AM ET
USD/JPY hold longs at 106.60/50 targeting 107.10/20, 107.45/50 and 107.80/85. Exit longs up to 108.30/40 and try shorts with stops above 108.80.
Buy at 106.60/50, with stops below 106.20. A move below here risks a slide to 106.00 and 105.70/60 before the 105.28/23 low. EUR/JPY has a very clear reverse head and shoulders on the short term chart. This generates a buy signal on a break above the neckline at 132.00. Targets: 132.45, 133.00/05, 133.40/50 for profit taking on at least half the position, 133.70/80 and finally 134.30/40.
In theory we should find support at 131.10/00 but below here risks a slide to 130.40/35.
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