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USD/JPY, EUR/JPY, CAD/JPY Forecast

USD/JPY, EUR/JPY, CAD/JPY Forecast

USD/JPY was holding below 110.10/00 which would be negative for this week.

EUR/JPY shorts at 131.10/20 worked perfectly as we targeted 130.20/10 and strong support at 129.60/40 for an easy 150 pip profit.

CAD/JPY held 8715/05 and then 8775/65 on the bounce. Outlook was negative so further losses expected.

Analysis

USD/JPY breaking below 110.10/00 could retest good support at 109.55/45 Sunday. Longs needed stops below 109.20. Strong resistance at 110.10/20. Stop above 110.35. A break higher targeted 110.55/60, perhaps as far as 110.80/85.

EUR/JPY shorts at 131.10/20 target 130.60/50, 130.20/10 and strong support at 129.50/40 exactly as predicted—stop below 129.20. A break lower was a sell signal targeting 128.40/30. Strong resistance at 130.40/60 likely to see a high for the day if tested (although the high on Friday was 12 pips below here). A sell opportunity at 131.10/20, stop above 131.35. A break higher was a buy signal targeting 131.65 and 132.10/20.

CAD/JPY holding 8715/05 for 2 weeks but unlikely to survive another test. A break lower this week tests the 200 week moving average at 8670/50. A break below 8650 was a sell signal, initially targeting 8620/00. First resistance at 8800/10. Shorts needed stops above 8830. Strong resistance at 8860/70. Stop above 8885.

JPY Chart

Disclaimer: No representation or warranty is made as to the accuracy or completeness of this information and opinions expressed may be subject to change without notice. Estimates and projections set forth herein are based on assumptions that may not be correct or otherwise realized. All reports and information are designed for information purposes only and neither the information contained herein nor any opinion expressed is deemed to constitute an offer or invitation to make an offer, to buy or sell any security or any option, futures or other related derivatives.

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