AUDUSD NZDUSD & USDJPY EURJPY Recap & Daily Forecast from Jason Sen – Day Trade Ideas

 

22 Jan, 2020

AUDUSD held first resistance at 6890/6900 for a retest of the correction low at 6850/46 exactly as predicted & bottomed exactly at better support at 6840/30.

NZDUSD we wrote: holding below 6620/30 today is a sell signal for a retest of January lows at 6585/80.
Shorts at 6620/30 worked as we finally hit the 6585/80 target & bottomed exactly here.

Today’s Analysis

AUDUSD bottomed exactly at better support at 6840/30 & we are longs with stops below 6810. We can move those stops up to 6820. A break lower is the next sell signal targeting 6805 & 6785/90.

Longs at 6840/30 target 6850 & first resistance at 6870/80. Try shorts with stops above 6890.

NZDUSD holding January lows at 6585/80 but the outlook is quite negative & further losses target 6560/50, perhaps as far as 6530/20.

Try shorts again at 6620/30 with stops above 6640 to target 6655/60. Above 6665 opens the door to 6675 & 6685/90. Expect strong resistance at 6705/15.

Trends

Weekly outlook is neutral Daily outlook is neutral
Short Term outlook is negative

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USDJPY outlook positive as long as we bounce 5 pips above the buying opportunity at 109.70/60.

EURJPY over ran 122.15/25 by 11 pips before targeting support at 121.85/75. Longs here worked perfectly on the bounce to 121.96 as we look for 122.15/25 today for profit taking.

Today’s Analysis

USDJPY bulls remain in control on the bounce from 5 pips above 109.60/70 & back to 110.09. Further gains are expected to retest 110.20/28. A break higher meets important 15 month trend line resistance at 110.40/45 this week. Watch for a high for the day. Bulls need a sustained break above 110.55 for the next buy signal.

Downside is expected to be limited with support at 110.00/109.95 & 109.70/60. Try longs with stops below 109.50. A break lower meets strong support at 109.30/25. This is the last line of defence for bulls. Longs need stops below 109.15. A break lower is a sell signal.

EURJPY holding below 122.00 risks a retest of support at 121.85/75. A break below 121.65 is the next sell signal targeting 121.50 & minor support at 121.25/15. .

Quite strong resistance at 122.15/25 but above 122.35 targets 122.45/50 before a retest of the 5 month recovery high of 122.82/86. Further gains target quite strong resistance at 123.00/10. A break higher targets 123.40/50.

Trends

Weekly outlook is neutral Daily outlook is neutral Short Term outlook is neutral

 

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About the author

JASON SEN Began to study technical analysis in 2006 and established Daytradeideas, the leading provider of daily technical analysis to independent & professional traders within the investment bank community for Stock Index, Energy & Fixed Income products, advising dozens of traders at up to 15 major investment banks and hedge funds on market movement, throughout each trading day on The Bloomberg Professional® service with trade ideas – entry, exit and target levels in daily reports published before the Futures markets open in Europe.