USD/JPY And EUR/JPY Analysis For Dec 3, 2019

USD/JPY topped exactly at our selling opportunity at 109.70/90 and shorts worked perfectly on the break of minor support at 109.35/30 as we collapsed as far as strong support at 108.90/80 and bottomed exactly here. A potential 80 pip profit on the day.

EUR/JPY higher as predicted and topped exactly at the next target of 120.90/121.00.

USD/JPY holding strong support at 108.90/80 in short term oversold conditions allow a recovery to 109.11/15 and resistance at 109.35/40. Exit longs here and try shorts at 109.70/90, with stops above 110.10. A break higher is a strong buy signal.

Longs at 108.90/80 need stops below 108.65. A break lower is a sell signal targeting 108.45/35. A break below 108.25 is the next sell signal.

EUR/JPY hits the targets of 120.50/60 and 120.90/121.00 as expected. We topped exactly here. On further gains look for 121.35/45.

Direction is difficult to gauge in the sideways trend. First support at 120.60/55 and buying opportunity at 120.25/15, with stops below 120.00

Trends

Weekly outlook is negative

Daily outlook is neutral

Short Term outlook is positive

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