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 beat 4 year trend line resistance at 111.65/85 for a buy signal at the start of this week. We wrote: holding above 112.05/111.95 keeps the outlook positive targeting the 2019 high at 112.35/40. Shorts are too risky here I think. Further gains target 112.80/90, eventually as far as 113.50.
Another perfect call as the pair shot higher to 113.49 this morning.
EURJPY beat resistance at 129.30/50 for a medium term buy signal targeting 130.25/35, 130.65/75, 130.90/99 – all of which were hit yesterday & eventually 131.50, perhaps today.
Up to 150 pips profit on our longs so far if they were held, with more profit likely.
CADJPY we wrote: longs at first support at 8800/8780 work well last week hitting targets of 8865, 8895, 8910/15 & 8970/80. This morning we have…the only resistance of importance at this year’s high of 9105/15.
A high for the day yesterday exactly at this level. Update daily at 06:30 GMT
USDJPY, EURJPY, CADJPY
USDJPY higher as predicted & as far as our target of 113.50, hit this morning. Further gains look likely to the strongest resistance for this week at 113.70/80. Try shorts with stops above 114.00.
Shorts at 113.70/80 target 113.10/00 for some profit taking. A break below 112.80 can target 112.60.
EURJPY hit all targets as far as 130.90/99 as we look for 131.50. If we continue higher look for 131.90/132.00.
USDJPY, EURJPY, CADJPY
First support at 130.70/50 could see a low for the day. but longs need stops below 130.30.
CADJPY longs at first support at 8800/8780 work well hitting all targets as far as the only resistance of importance at this year’s high of 9105/15. If you want to try shorts (looking for a double top sell signal in severely overbought conditions), use stops above 9125, although this is risky in such a strong bull trend. A break higher is a new buy signal of course initially targeting quite strong resistance at 9155/75.
Shorts at 9105/15 target 9030/10 for some profit taking. However if we continue lower look for a buying opportunity at 8970/50 with stops below 8925.
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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