USD/JPY holding important resistance at 109.65/80. Outlook negative in the medium term as long as we hold below here. We retested minor support at 109.30/25 and bottomed exactly here on Friday.
EUR/JPY meets strong support at 121.25/15.
USD/JPY shorts at 109.65/80 target minor support at 109.25/20. We bottomed exactly here on Friday. If this levels fails we test strong support at 109.00/108.90 for some profit-taking but longs are risky. A break below 108.75 is the next sell signal.
Shorts at important resistance at 109.65/80 need stops above 109.99. Bulls require a sustained break above 110.00 for an important medium-term buy signal, initially targeting 110.25/30.
EUR/JPY tests strong support at 121.25/15. Longs need stops below 120.90. A break lower is a sell signal targeting 120.60/55 then 120.30/20 with a buying opportunity at 120.10/00.holding below minor resistance at 122.10/00 risks a slide to minor support at 121.60/50 with Longs at 121.25/15 target 121.50/60, perhaps as far as 121.90/122.00. Bulls require a break above 122.10 to target 122.35/45 before a retest of the recovery high at 122.55/65. A break above 122.70 targets 123.00/10.
Weekly outlook is neutral
Daily outlook is neutral
Short Term outlook is positive