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 hit the next target of 115.65/75 with a high for the day exactly here & a minor negative candle on the daily chart which increases the chances of a right shoulder forming here. Prices have headed lower as expected to the 114.60/55 target.
EURJPY shorts at strong resistance at 129.50/60 worked with a high for the day here & a potential 60 pip profit on the side to minor support at 129.00/128.90 – a low for the day exactly here.
CADJPY remains very volatile, making it difficult to hold a trade for a more than a few hours. Up one day, down the next day in the 7 day sideways trend. The key level today does appear to be 9040/30 as stated yesterday.
Holding above here is positive, holding below is negative for the outlook.
Update daily at 06:30 GMT
USDJPY reversed from the next target of 115.65/75 as we watch for a right shoulder to form. If you sold the bounce to first resistance at 115.60/70 you are doing well already as we hit targets of 114.85/80 & 114.60/55, perhaps as far as 114.35/30 today.
First resistance at 115.15/20, with further resistance at 115.60/70 of course.
EURJPY meets strong resistance again at 129.50/60. Shorts need stops above 129.70. A break higher is a buy signal targeting 129.90/95 then 130.25/35.
Minor support again at 129.00/128.90. A break lower targets 128.65/60 before a retest of 128.30/20.
CADJPY beat first resistance at 9030/40 to hit the next target of 9080/90 with a high for the day here again yesterday but the pair are difficult to read. Above here look for 9110/15. A break higher targets 9140/50.
Minor support at 9040/30. Further losses can retest 8970/60. A break lower can target the 200 day moving average at 8915/10.
EURUSD beat strong resistance at 1.1205/10 & was expected to target strong resistance at 1.1255/65 – this target was hit & is holding as I write. However a break above 1.1280 today is a buy signal.
USDCAD we wrote: should meet very strong support at 1.2665/55. Longs need stops below 1.2645.
A low for the day exactly at 1.2665/55 yesterday & a potential 60 pip profit on the bounce to minor resistance at 1.2710/20 with a high for the day exactly here.
These 2 levels marked the low & the high for the day.
Update daily at 06:30 GMT
EURUSD hit the next target & strong resistance at 1.1255/65 which is still holding today. Shorts need stops above 1.1275. A break above 1.1280 is a buy signal targeting 1.1300/10, perhaps as far as 1.1340/50.
Shorts at strong resistance at 1.1255/65 target 1.1210/00. If we continue lower look for minor support at 1.1180/70.
USDCAD held very strong support at 1.2665/55. Longs need stops below 1.2645. A break lower however targets 1.2615/05. Minor resistance at 1.2710/20 held the bounce yesterday but above here can target 1.2750/60, perhaps as far as 1.2780/90.
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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