USD/JPY: 109.53 Is Key To Direction; EUR/JPY: Outlook Negative
Jason Sen | May 24, 2018 03:44AM ET
USD/JPY back down to 109.80/70 and yesterday's low at 109.53 is key to direction. Be ready to sell a break below 109.40 targeting 109.15 then support at 108.90/80.
First resistance at 109.90/99 could hold any recovery but above here meets further strong resistance at 110.30/40. This level worked perfectly yesterday so a break higher would be a buy signal targeting 110.70 and 111.00.
EUR/JPY outlook negative on the breakout to the downside yesterday. Further losses target 127.85/80 and August low 127.55 then longer term Fibonacci support at 126.85/80.
Resistance at 128.90/99 and again at 129.20/30...we are likely to top somewhere in this range.
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