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

bottomed exactly at strong support at 109.40/20 and beat important longer term resistance at 109.20/30 which is positive for the pair at the start of this week…we hit the first target of 109.70/80 but further gains are likely this week to 110.10/20, 110.70/80

tests strong resistance at 1.2935/45. Holding here today increases the chances of a bearish head & shoulders pattern forming.

unexpectedly sank as far as 8664 before a recovery.

Today’s Analysis

USD/JPY hits 109.70/80 as we look for 110.10/20, 110.70/80 and perhaps as far as 111.50/60 this week.

Strong support at 109.40/20 but below here bulls have lost their chance to remain in control which risks a slide to 108.90/80 and 108.70/60.

EUR/JPY rockets from strong support at 128.40/20 to the target of 129.20/30. Watch strong resistance at 129.35/45 today to see if a head & shoulders pattern forms. A break above 129.65 however opens the door to 130.00/20.

Holding strong resistance at 129.35/45 can target 129.20/10 and minor support at 128.90/80. A low for the day possible but a bounce from here may not be very strong. Further losses can retest sell signal 128.40/20.

CAD/JPY bounces back to 8715/30. Further gains look likely to 8765/75, perhaps as far as a retest of important resistance at 8790/8810 where we watch for a negative double top.

Minor support at 8690/8680 could hold the downside in the morning. A break below 8660 however risks a retest of best support for the week at 8610/8590. A break below 8580 however risks a slide to 8550/40 & 8510/00.

JPY Chart

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