USD/JPY, EUR/JPY, CAD/JPY Daily Forecast
Jason Sen | May 20, 2021 04:48AM ET
USD/JPY crashed 70 pips from 109.25/15 but shot higher from 20 pips below the 4 month trend line support at 108.85/75.
EUR/JPY shorts at the 6 year trend line resistance at 133.05/25 look likely to work today.
CAD/JPY bulls must hold prices above the 14 year 38.2% Fibonacci resistance at 9030.
h2 Today’s Analysis/h2USD/JPY best support for today is at 109.00/108.90. Longs need stops below 108.80. A break lower to retests yesterday’s low at 108.58/55, perhaps as far as 108.40/30.
Bulls need prices above 109.30 to test the 4 year trend line resistance at 109.65/75. A break above 109.85 is a buy signal targeting 110.20/30 and 110.80/90.
EUR/JPY has run into 6 year trend line resistance at 133.05/25. Shorts need stops above 133.55. A break higher is a buy signal initially targeting 134.00/10.
Shorts at 133.05/25 target minor support at 132.70/60 with best support at 132.25/15 today. Longs need stops below 132.00.
CAD/JPY must hold above the 14 year 38.2% Fibonacci level of 9030 for bulls to remain in control, initially targeting 9080/85, 9120/30 and 9140/45.
Failure to hold above 9000 increases risks to the downside initially targeting 8960/55 (we bottomed exactly here yesterday) and the important 14 year trend line support at 8900/8880.
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