USDJPY, EURJPY Daily Forecast: October 23, 2017
Jason Sen | Oct 23, 2017 07:56AM ET
USDJPY breaks 7 month trend line resistance at 113.60/65 for a buy signal targeting quite important resistance at 114.35/45.
We are not severely overbought so if bulls can keep the 6 week recovery momentum going with a break above 114.55 we then target 114.86/90 and 115.15/20.
First support at 113.65/60 obviously is the most important of the day. Try longs with stops below 113.40. Failure to hold above 113.60 signals false break and would be a sell signal.
EURJPY above minor resistance at 133.50/60 to hit the next target of 134.00/05 before the September 134.38/41 high and of course the most important resistance of the day but shorts look risky in the 6 month bull trend. A break higher is a buy signal initially targeting 135.10/15.
Failure to beat the September 134.38/41 high keeps us in a 1 month sideways trend targeting first support at 133.60/55. A bounce from here certainly possible but longs need stops below 133.40 with the next target at 133.20/15.
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