USD/JPY: Longs Need to Stop Below 135.40
Jason Sen | Mar 01, 2023 05:14AM ET
AUD/USD could not reach the first resistance at 6770/80, so I must revise this to 6760/70 & a high for the day is possible in the bear trend if tested today. Shorts need stops above 6800.
We are retesting 6700/6695 as bears remain in control, as expected. A break lower can target 6670/60 & 6630/20.
NZD/USD shorts at first resistance at 6190/6200 worked perfectly as prices collapsed from 6207. If we retest this resistance today, shorts need stops above 6215. A break higher can target 6145/55.
Shorts at 6190/6200 can target 6150/40 for some profit taking. Be ready to sell a break below 6125 to target 6100/6090, probably as far as 6040/30 for profit taking on shorts.
CAD/JPY hit my target & Fibonacci resistance at 100.55/65. Shorts needed stops above 100.80 & this was tricky because we overran to 100.88. If you managed to hold the short, the pair collapsed to my target of 100.00/9990, reaching 9970.
I expect good support at 9970. Try longs with stops below 9940. Targets for longs are 100.40 & 100.60.
Resistance at 100.60/80!! Shorts need stops above 101.00. A break higher sees 100.70/60 act as support to target 101.25/35 & 102.00.
USD/JPY longs at buying opportunity at 134.10/133.90, hitting my target of 135.45/55 & 135.80/90 before reaching strong resistance at 136.65/85. What a great run for our longs.
Shorts at 136.65/85 worked perfectly as the pair collapsed from 136.93 to hit my target of 136.00 but then bounced halfway to the first support at 135.50/30. First support is higher today at 135.80/60. Longs need stops below 135.40.
Shorts at resistance at 136.65/85 if we retest today, need stops above 137.10. A break higher is a buy signal for this week targeting 138.00/20.
NZD/JPY remains in a tight sideways range - only useful for scalpers.
A high for the day exactly at resistance at 8450/80. A break above 8510, therefore should be a buy signal.
Shorts at 8450/80 can target 8400/8390 (only 5 pips away as I write) & 8370/60; perhaps we can fall as far as 8310/8290 eventually.
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EUR/USD unfortunately, beat resistance is at 1.0590/1.0610 before reversing 5 pips from the next target of target 1.0650/60. Frustrating because the pair then collapsed as expected to my target of 1.0580/75.
Further losses look likely to be 1.0545/35. If we continue lower, look for 1.0510/00, perhaps as far as strong support at 1.0470/50. Longs need stops below 1.0430.
Whilst I think EUR/USD will head lower, my level for today needs revision! It may be worth waiting to see if we can bounce again to 1.0650/70. Shorts need stops above 1.0690.
USD/CAD made a low for the day exactly at 1.3590/70 so to maintain a buy signal targeting 1.3700.
Longs at 1.3590/70 if we retest today, stop below 1.3550.
Dollar Index held 10 ticks above strong support at 104.30/20 & saw a nice bounce. If the support is retested, longs need stops below 104.00.
EUR/CAD I am going to wait to see if a head & shoulders form. A break below support at 1.4230/20 this week will be the sell signal targeting 1.4150 & 1.3980.
GBP/USD bounce from strong support at 1.1960/40 has reached 1.2068 but unfortunately overran strong resistance at 1.2090/1.2110 before reversing from 1.2143 & seeing a 100 pip drop to my target of 1.2040/20.
Strong support again at 1.1960/40. Longs need stops below 1.1910. A break below 1.1910 is a sell signal for this week targeting 1.1865/55, perhaps as far as 1.1810/00.
I am going to stubbornly stick to resistance at 1.2090/1.2110 today. Shorts need stops above 1.2140!!
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