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 longs at first support at 113.90/70 worked (although we saw a low for the day at 113.89).
EURJPY longs are doing very well in the strong bull trend after we beat minor resistance at 132.65/75 targeting 133.10/15 & 133.50/70…we are expected the hit this target today.
CADJPY beat strong resistance at 9140/75 for the next buy signal targeting 9270/90 (hit this morning) & 9320/30. Longs at first support at 9230/20 this trade worked perfectly yesterday offering a 50 pip profit this morning.
Update daily at 06:30 GMT
USDJPY longs at 113.90/70 target 114.45/55, 114.70, 114.95 & 115.20 after our buy signal.
Downside is expected to be limited with first support at 113.90/70. A break below 113.60 however meets a buying opportunity at 113.30/20. Stop below 113.05.
EURJPY expected to target 133.10/15 & 133.50/70 before the 2021 high at 134.10/12. Minor support at 132.80/60. Stop below 132.50.
CADJPY through 9140/75 for the next buy signal targeting 9270/90 & 9320/30 before reaching 9266. Further gains are expected with a break above 9280 targeting 9310/20. A break above 9330 is the next buy signal targeting 9370/90.
Downside is expected to be limited with bulls in control. First support at 131.80/60. Longs need stops below 131.40.
CADJPY through 9140/75 for the next buy signal targeting 9270/90 (hit this morning) & now 9320/30.
Downside is expected to be limited with first support again at 9230/20. Best support at 9160/40. Longs need stops below 9120.
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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