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

 

 

14 Jan, 2020

USDJPY beat important resistance at 109.60./70 for a buy signal.

EURJPY we wrote: just touching the next target of 121.70/75 before resistance at January’s high at 121.90/122.00. Above 122.10 can test 1.2245/50.

All targets hit as we reach 122.75.

Today’s Analysis

USDJPY bulls remain in control on the break above 109.60/70 as we reach 110.20. Further gains expected to target important 15 month trend line resistance at 110.45/50. Watch for a high for the day. Bulls need a sustained break above 110.60 for the next buy signal.

Try longs at 109.70/60, with stops below 109.40.

EURJPY through 1.2245/50 to reach 122.75. Further gains target quite strong resistance at 123.00/10. A break higher targets 123.40/50.

First support at 122.60/50 but below 122.30 risks a slide to 122.10/00.

Trends

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

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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.