USD/JPY, EUR/JPY And CAD/JPY: Minor Movement

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.

Today’s Analysis

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.

JPY Weekly Chart

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