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.
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.
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