USD/JPY, EUR/JPY July 14 Forecast
Jason Sen | Jul 14, 2020 04:55AM ET
USD/JPY topped exactly at the selling opportunity at 107.20/30 yesterday but this is a little higher today at 107.50/60. Stop above 107.75.
EUR/JPY shot higher to the 120.80/90 target but only paused here. We beat 121.00 targeting 121.15/20 and 121.35/45 then continued higher to retest last week’s high.
USD/JPY selling opportunity at 107.50/60, with stops above 107.75. Above here targets 107.90/95 and 108.15 with a selling opportunity at 108.35/45; stops above 108.65.
Shorts at 107.50/60 targets minor support at 107.20/10. Below 107.00 is more negative for today, re-targeting 106.60/50. I do not see this as much of a support level. A break lower tests minor support at the May low at 106.00/105.95.
EUR/JPY holding resistance at the July high and longer-term Fibonacci resistance at 121.95/122.05 targets 121.60/50 with a buying opportunity at 121.20/10, with stops below 120.80.
Resistance at 121.95/122.05. Shorts need stops above 122.15. A break higher is a buy signal with 122.05/121.95 then acting as support targeting resistance 122.50/60.
- Weekly outlook is neutral
- Daily outlook is neutral
- Short Term outlook is neutral
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