USD/JPY And EUR/JPY: Analysis For Dec 5, 2019

USD/JPY broke strong support at 108.90/80 for the next downside target of 108.45/35 and bottomed exactly here.

EURJPY longs at our buying opportunity at 120.25/15 worked perfectly on the bounce from 120.08 to 120.79.

USD/JPY bottomed exactly at 108.45/35 and topped exactly at strong resistance at 108.90/109.00. Shorts need stops above 109.10. A break higher targets 109.30/35 and 109.55/60. Try shorts at 109.65/80 with stops above 109.99.

Shorts at 108.90/109.00 target 108.75/70 and minor support at 108.45/35. A break below 108.25 is the next sell signal targeting 108.05/00 and strong support at 107.80/70. Longs need stops below 107.55.

EUR/JPY support at 120.25/15 is less likely to hold on the next test. Be ready to sell a break below 120.05 for 119.80 and 119.70/65 before a buying opportunity at 119.30/20, with stops below 119.05.

Longs at 120.25/15 beat minor resistance at 120.50/60 but not as far as strong resistance at 120.90/121.00. On further gains look for 121.35 and strong resistance at 121.50/55.

Trends

Weekly outlook is neutral

Daily outlook is neutral

Short Term outlook is neutral

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