USD/JPY remains trapped in a sideways trend for almost 2 months with only a 20 pip range yesterday.

EUR/JPY we wrote: holding above 129.50 is positive for this week with the break above last week’s high at 129.74/76 to target 129.90 and 130.20/30.

We hit targets as far as 130.55 as we look for 130.90/131.00. A nice profit on longs bought at the start of this week.

CAD/JPY shorts at 8720/30 stopped above 8750.

Today’s Analysis

USD/JPY first resistance at 110.25/35. A break higher targets 110.45/55 before a retest of the August high at 110.75/80.

First support at 109.85/75. A break lower risks a slide to 109.40 perhaps as far as 109.10/00.

EUR/JPY through 129.50 and last week’s high at 129.74/76 to targets of 130.20/30 and 130.55 as we look for very strong resistance at 130.90/131.00. Watch for a high for the day. Shorts need stops above 131.30.

Minor support at 130.40/30. Strong support at 130.10/00. Longs need stops below 129.90. A buying opportunity at 129.75/65. Stop below 129.50.

CAD/JPY longs at first support at 8710/8690 worked. A break above 8775 looks likely eventually targeting 8810/20. Watch for a high for the day today.

First support again at 8710/8690. Longs need stops below 8680. A break lower targets 8660/50, perhaps as far as 8620/10.

JPY Chart

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 realised. 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.

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