USD/JPY, EUR/JPY And CAD/JPY Daily Forecast
Jason Sen | May 13, 2021 03:10AM ET
USD/JPY bottomed exactly at the 2021 ascending trend line support at 108.40/35 and beat the 100 month MA resistance at 108.90/109.00 to test 4 year trend line resistance at 109.65/75.
EUR/JPY bottomed exactly at strong support at 131.80/70 today.
CAD/JPY held key support at the 14 year trend line and 200 month moving average at 8930/00 to test 14 year 38.2% Fibonacci resistance at 9010/30. A break above 9040 this week is a major longer term buy signal.
h2 Today’s Analysis/h2USD/JPY through 1083.90/109.00 for the next target of 109.70/80 and topped exactly here. This is 4 year trend line resistance. A break above 109.95 is a buy signal targeting 110.20/30 and 110.80/90.
Holding 4 year trend line resistance targets 109.25/15. A good chance of a low for the day but longs need stops below 108.90.
EUR/JPY longs at strong support at 131.80/70 work on the bounce to the April high at 132.30/40. A break higher targets 6 year trend line resistance at 133.05/25. Shorts need stops above 133.55.
Strong support again at 131.80/70. Longs need stops below 131.50. A break lower targets 131.10/00.
CAD/JPY making a break above 14 year 38.2% Fibonacci resistance at 9010/30 is a major longer term buy signal initially targeting 9065/9070 and 9120/30, perhaps as far as 9140/45.
Minor support at 8999/89. Strong support at 8930/00. Longs need stops below 8870.
Next target is 8840/20.
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