USD/JPY unable to beat 109.30 as we hold a range of less than 100 pips all last week.
Up one day, down the next day in the sideways trend. Holding below 109.00/108.90 should be a sell signal for this week. The pair topped exactly here yesterday.
EUR/JPY minor negative weekly chart candle at 6 year trend line resistance at 133.05/25 looks likely to lead to losses this week.
CAD/JPY still magnetised to 14 year 38.2% Fibonacci resistance at 9030. We have held a range of less than 120 pips all week.
USD/JPY holding below 109.00/108.90 targets last week’s low at 108.58/55, perhaps as far as 108.40/30. Further losses look for 107380/70.
Bulls need prices above 109.20 to test 4 year trend line resistance at 109.65/75. A break above 109.85 is a buy signal initially targeting 110.20/30 and 110.80/90.
EUR/JPY has run in to 6 year trend line resistance at 133.05/25. Shorts need stops above 133.55. A break higher is a buy signal initially targeting 134.00/10.
Shorts at 133.05/25 targets 132.70/60 then first support at 132.30/20. Longs need stops below 132.05. A break lower to target very strong support at 131.55/45. Longs need stops below 131.35.
CAD/JPY hovered about 50 pips either side of 14 year 38.2% Fibonacci level of 9020/30. A break above last week’s high at 9073 targets 9120/30 and 9140/45.
Failure to hold above 9000 increases risks to the downside initially targeting 8955/45 and important 14 year trend line support at 8900/8880. Longs need stops below 8850.
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