USD/JPY, EUR/JPY And CAD/JPY Forecast: 10 Apr, 2021
Jason Sen | Apr 12, 2021 05:59AM ET
USDJPY strong support at 109.00/108.95 marked a low for the week as expected. On Friday we bounced as expected to 109.40/50 initially, then our targets of 109.70/75 & 109.95/110.05 as predicted. We topped exactly here.
EURJPY beat minor resistance at 130.20/30 & topped exactly at strong resistance at the March high at 130.55/65.
CADJPY topped exactly at strong resistance at 8755/65. Obviously this is key to direction on the open.
Today’s Analysis
USDJPY topped exactly at our target for the day at 109.95/110.05. Watch for a sideways trend to develop. Minor support at 109.50/40 but below here can retest strong support at 109.00/108.95, Watch for a low for the day. A break below 108.85 however risks a slide to 108.40, perhaps as far as 107.90/70.
Minor resistance at 109.95/110.05. Strong resistance at 110.10/20. Shorts need stops above 110.30. A break higher targets 110.55/65 before a retest of the April high of 110.85/95.
EURJPY holding strong resistance at the March high at 130.55/65 leave s a negative double top in place targeting 130.30/20, perhaps as far as first support at 129.75/65.
Below 129.55 meets strong support at 129.35/25. A break below 129.15 risks a slide to strong support at 128.60/50.
Strong resistance at the March high at 130.55/65. A break above 130.75 is obviously a positive signal but we run in to important 15 month trend line resistance at 131.25/35.
CADJPY topped exactly at strong resistance at 8755/65. Shorts need stops above 8775. A break higher targets 8790/8800 before a retest of the high at 8820/30.
Holding strong resistance at 8755/65 targets 8720/10, perhaps as far as 8695/85. Strong support at 8650/30. Watch for a low for the day. A break below 8620 risks a slide to 8605/00 then 8580/70.
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