USD/JPY And EUR/JPY Forecast: Dec 17, 2020

USD/JPY tests minor support at the November low at 103.25/15. A break below 103.00 is an important sell signal initially targeting 102.65/55 & 102.15/05.

Gains are likely to be limited with resistance at 103.55/65. Try shorts at 104.00/10 with stops above 104.25.

EUR/JPY longs at strong support at last week’s low at 125.80/75 hit the first target and resistance at 126.15/25 for some profit-taking. Further gains test resistance at the upper end of the range at 126.60/80 for profit taking on any remaining longs. Shorts need stops above 127.00.

Be ready to buy a break above 127.00 for an important longer-term buy signal initially targeting 127.40.

Shorts at 126.60/80 target first support at 126.25/15 before a strong support at last week’s low at 125.80/75. A break lower this week meets strong support at 125.50/40, longs need stops below 125.20.

Trends

  • Weekly Outlook Neutral
  • Daily Outlook Neutral
  • Short Term Outlook Neutral

JPY Chart

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