consolidates as predicted and we bottomed exactly at first support at 110.40/30.
edges higher to 130.31.
forming a small head and shoulders on the 1 hour chart with neckline at 8785/75. A break below here can target good support at 8750/40.
The USD/JPY longer term outlook remains positive, but we are consolidating gains in overbought conditions. The downside should be limited with support at 110.40/30 & 110.00/109.90. Stop below 110.70.
Minor resistance at 110.70/85. A break above 111.00 (expected eventually) targets 111.40/50 & 111.65/75.
EUR/JPY crawled higher to the next target of 130.15/20 (and held 130.30) before a retest of the March high at 130.55/65.
First support at 130/129.90 then 129.70/60 again today.
a break below 8775 for CAD/JPY targets good support at 8750/40. Watch for a low for the day. Stops below 8730.
A break above 8830 in the bull trend however targets 8845/50 and 8885/95.
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.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.