USD/JPY And EUR/JPY Forecast: Sep 22, 2020
Jason Sen | Sep 22, 2020 06:40AM ET
USD/JPY has unexpectedly shot higher from 104.01 to 104.82 forming a bullish engulfing candle. Therefore the downside should be limited but below 104.50 risks a slide to 104.25. Further losses retest 104.10/05, where it is worth betting on a double bottom buy signal, with stops below 103.90. A break lower is a sell signal initially targeting the 500-week moving average at 103.50/40. Failure here is a more important longer-term sell signal.
The strongest resistance for today is at 104.90/105.10. Shorts need stops above 105.20. A break higher is a buy signal targeting 105.50/60 & strong resistance at 105.90/106.00
EUR/JPY buying opportunity at 122.30/20, with stops below 121.90. A break lower is an important sell signal, initially targeting 121.50/40 then strong support at 12.90/70 for profit-taking.
A bounce meets resistance at 123.40/50. Shorts need stops above 123.70. If we continue higher try shorts at 124.20/40 with stops above 124.60.
h3 Trends/h3- Weekly Outlook Neutral
- Daily Outlook Neutral
- Short Term Outlook Neutral
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