Daily Technical Analysis
Daily Technical Analysis is provided by Jason Sen of Day Trade Ideas, who has been day trading since the late 1980’s. Jason has been a contributor of Traders Summit since the beginning. He primarily focuses on providing technical analysis of the financial markets, including stock chart patterns, Forex and Metals setups, and other useful technical analysis.
USDJPY best at support at 113.40/30 again today.
EURJPY up one day, down the next day in the sideways trend for over a week. Becoming more erratic & therefore difficult to trade.
CADJPY also more random & more erratic last week, although shorts at first resistance at 9240/60 work again yesterday with a 70 pip profit offered this morning.
Update daily at 06:30 GMT
USDJPY first support again at 113.40/30. Longs need stops below 113.20 so the risk is very small. A break lower is a sell signal targeting 113.00/112.90 & 112.60/50 for profit taking on shorts.
Longs at 113.40/30 target 113.80/90. We should pause here but further gains meet minor resistance at last week’s high of 114.25/30. Strong resistance at the October high of 114.50/70. Shorts need stops above 114.80. A break higher is a medium term buy signal.
EURJPY first support at 131.60/40, stop below 131.35. A break lower is a sell signal initially targeting 130.90 & we could hold here initially, maybe even bounce to 131.40/50. Further losses meet an important buying opportunity at 130.40/20 with stops below 130.00
First resistance at 132.20/30 . Above 132.40 can target 132.90, perhaps as far as strong resistance at October’s high of 133.30/50.
CADJPY shorts at first resistance at 9240/60 worth a try again targeting 9200 & 9175 (hit as I write). A buying opportunity at 9120/00 with stops below 9090.
Gains are likely to be limited with first resistance at 9240/60. However a break higher retests October’s high at 9295/9305.
Emini S&P December on the way to the next target of 4625/35 this week. Longs at first support at 4590/85 starting to work.
Nasdaq December closed at the new all time high at 159864 keeping the outlook positive for this week as we hit the next target of 15900/950. Emini Dow Jones December making a clear break above the all time high at 35540/550 for a buy signal as we hit the next target of 35800/850 & now look for 36000/100.
Emini S&P longs at first support at 4590/85 are expected to target 4625/35 but a high for the day is likely if tested today. Shorts are very risky of course in the bull trend. A break above 4645 is the next buy signal.
First support at 4590/85. Longs need stops below 4575. Strong support at 4545/35. Longs need stops below 4525.
Nasdaq December now expected to target 15900/950 (hit yesterday) & now 16050/080.
Downside is expected to be limited in the bull trend with first support at 15780/750. Stop below 15720. A break lower targets 15670 with strong support at 15580/540. Longs need stops below 15500.
Emini Dow Jones December now targeting 35800/850 & 36000/100, even as far as 36250/280.
Downside is expected to be limited with minor support at 35670/650 & 35525/500. A buying opportunity at 35320/280 with stops below 35250.
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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.
Jason Sen, Director