USD/JPY And EUR/JPY Daily Forecast - 26 July 2018
Jason Sen | Jul 26, 2018 04:04AM ET
USD/JPY lower as predicted from resistance at 111.30/40 and bottomed exactly at the first downside target and 2 month trend line support at 110.80/70. Outlook remains negative and a break below here today is another sell signal targeting 110.30/20 and 110.10/00 for profit taking on all shorts before the weekend.
Gains are likely to be limited but a bounce from 111.30/40 always possible on this first test targeting 111.00 before a selling opportunity at 111.25/35, with stops above 111.65.
EUR/JPY longs at key trend line support at 129.50/40 the perfect trade as we bounce to first resistance at 130.20/30 and topped exactly here. HOWEVER the outlook is now positive and holding above 130.00 targets 130.35/40 then 130.70/75.
Failure to hold above 129.90 risks a retest of key trend line support at 129.50/45. A bounce from here is likely as we become oversold. However longs need stops below 129.20. A break lower is a sell signal targeting 128.60/50 and 128.30/25.
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