USD/JPY Breaks 113.20/10; EUR/JPY Holds First Support At 132.90/80
Jason Sen | Nov 16, 2017 03:27AM ET
USD/JPY broke 113.20/10 for a sell signal but bottomed 16 pips above the 112.30/20 target so far. If you missed it the first time we got a perfect bounce to exactly 113.19 to enter shorts. A break below yesterday's low at 112.46 targets 112.30/20 then 112.00/111.90.
First resistance at 113.10/20 of course but further unexpected gains meets strong resistance at 113.60/70.
EUR/JPY holding first support at 132.90/80 re-targets 133.20/30 before 133.95/134.00 in the sideways trend. On further gains look for the most important resistance of the day at 134.40/50. Shorts need stops above 134.75. A break higher is a buy signal.
First support at 132.90/80 could hold the downside but longs need stops below 132.60. Further losses meet a buying opportunity at 131.50/40, with stops below 131.10.
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