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USD/JPY Beats 6-Week Trendline Resistance

USD/JPY Beats 6-Week Trendline Resistance

USD/JPY held best support at 109.15/05 and beat six-month trendline resistance at 110.10/20 for a buy signal targeting 6-week trendline resistance at 110.50/60.

EUR/JPY topped exactly at resistance at 133.40/60 then bottomed exactly at mega important head-and-shoulders neckline plus one-year trendline support at 132.70/50.

CAD/JPY held resistance at 9050/60 but bottomed exactly at best support at 9020/00. Which way will the pair break?

Today’s Analysis

USD/JPY beat six-week trendline resistance at 110.50/60, so holding above here is a buy signal targeting the 2021 high at 110.90/95. A break above 111.05 is a medium-term buy signal. Hold longs for a swing trade. First support at 110.60/50. Longs need stops below 110.30. Best support at 109.45/35. Longs need stops below 109.20.

EUR/JPY bottomed exactly at mega important head-and-shoulders neckline plus one-year trendline support at 132.70/50 as predicted. Longs need stops below 132.35. A lower is an important longer-term sell signal initially targeting 131.85 then 131.25/15. Longs at 132.70/50 target 133.015/25, perhaps as far as resistance at 133.40/60. Shorts need stops above 133.75. A break higher is a short-term buy signal targeting 134.00/10. A break above 134.20 is a medium-term buy signal.

CAD/JPY bottomed exactly at best support at 9020/00. Longs need stops below 8990. A break lower is a sell signal targeting three-week lows at 8960/55, eventually 8925 and probably as far as 8900/8890.

First resistance at 9050/60. Above 9080 however can then retest the high at 9110/20. A break higher is a medium term buy signal.

/JPY Weekly Chart.

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