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

 

27 May, 2020

EURUSD USDCAD

EURUSD longs at 1.0880/70 hit minor resistance at 1.0930/40 for profit taking. Unfortunately we missed the selling opportunity at the 200 day moving average at 1.1005/15 by 10 pips.

USDCAD collapsed from just below our selling opportunity at 1.4010/20 all the way to our buying opportunity at 1.3850/40 but stops were activated below 1.3825.

Today’s Analysis

EURUSD sell at the 200 day moving average at 1.1005/15; stops above 1.1035. A break higher is a buy signal targeting 1.1045/50 & a selling opportunity at 1.1085/95, with stops above 1.1120.

Shorts at 1.1005/15 target 1.0960/50 before a buying opportunity at 1.0925/15, with stops below 1.0895. A break lower sees 1.0915/25 work as resistance targeting a buying opportunity at 1.0880/70 with stops below 1.0855. A break lower sees 1.0870/80 work as resistance targeting 1.0830/20 for profit taking on shorts.

USDCAD outlook negative after we broke the 2 month triangle & likely to target a buying opportunity at 1.3705/1.3685 with stops below 1.3665. A break lower is a sell signal with 1.3685/1.3700 acting as resistance to target 1.3605/00.

Trends

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

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USDJPY EURJPY

USDJPY remains in a narrowing sideways trend as we bottomed exactly at our buy level of 107.35/25.

EURJPY beat resistance at 117.45/55 targeting 117.90 & 118.10/15. Difficult to trade in the sideways trend.

Today’s Analysis

USDJPY buy at 107.35/25; stops below 107.05. A break lower targets 106.80/70, perhaps as far as 106.45/40.

Longs at 107.35/25 target 107.55/65, perhaps as far as 107.90/108.10 for profit taking. Sell at 108.30/40, stop above 108.60. A break higher is a buy signal targeting 109.00/10 & 109.25/30 for profit taking.

EURJPY bulls require a sustained break above 118.25 to retest the May high & resistance at 118.52/62. Shorts need stops above 118.80. A break higher is a buy signal targeting 119.20/30 today.

Best support at 117.60/50. Stop below 117.30. A break lower is a sell signal targeting 117.00/116.90. Further losses meet a buying opportunity at 116.60/50 with stops below 116.30.

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.