USD/JPY, EUR/JPY April 28, 2020 Forecast

USD/JPY I predicted would establish a range from 107.00/90 up to 108.00/10 almost 2 weeks ago and since then we have held this range perfectly.

We wrote: Shorts at 107.60/65 target 107.30/20 before support at 107.00/90.

High 107.62, low at 106.97 and the bounce from here offering an additional 30 pips profit as I write.

EUR/JPY we wrote: Shorts at 116.40/50 target 116.05/00 before support at 115.84/62.

Unfortunately, we only hit and held the first target but these were the exact high and low for the day offering at least 40 pips profit.

USD/JPY first resistance at 107.60/65, try shorts with stops above 107.75 for a selling opportunity at 107.95/108.05. Shorts here stop above 108.20 for a selling opportunity at 108.70/80. A break above 109.00 is a buy signal targeting 109.25/35 and 109.80/90.

Shorts at 107.60/65 target 107.30/20 before support at 107.00/90. Be ready to sell a break below 106.80 targeting 106.50/40, perhaps as far as 106.10/00.

EUR/JPY meets strong resistance again at 116.40/50 but a break above 116.60 targets 116.80/90. Watch for a high for the day but be ready to buy a break above 117.00 targeting 117.25/35, perhaps as far as 117.60/70.

Shorts at 116.40/50 re-target 116.05/00 before support at 115.84/62. Longs need stops below 115.40. A break lower is a sell signal initially targeting 115.25/20 and support at the 2017 low at 114.90/80.

Trends

  • Weekly outlook is neutral
  • Daily outlook is neutral
  • Short Term outlook is neutral
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