Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

USD/JPY, EUR/JPY, CAD/JPY Forecast

Published 08/05/2021, 04:30 AM
Updated 07/09/2023, 06:31 AM

USD/JPY shorts at 109.60/70 worked perfectly with a 70-80 pips profit as we bottomed exactly at strong support at 108.95/85. Longs at strong support at 108.95/85 worked perfectly on the bounce to resistance at 109.50/60 for profit taking. An easy 140 pips profit already this week.

EUR/JPY shorts at resistance at 130.35/45 worked perfectly hitting targets of 129.90/80 and 129.40/30 for a potential 100 pip profit. Longs at 128.85/75 yesterday targeted 129.40/50 and strong resistance at 129.90/130.00 for an easy 100 pip profit. That’s 200 pips profit already this week.

CAD/JPY shorts at 8800/20 worked perfectly targeting minor support at 8680/70 as expected for an easy 120 pip profit. Longs at best support at 8680/70 worked perfectly on the bounce to strong resistance at 8760/70 for another 70 pip profit—that’s 190 pips already this week.

Today’s Analysis

USD/JPY shorts at strong resistance at 109.60/70 target strong support at 108.95/85. Longs at 108.95/85 need stops below 108.70. A break lower is a sell signal targeting 108.40/30 then 108.05/00. First resistance at 109.60/70. A break higher, however, targets 109.85/95. A high for the day possible but shorts need stops above 110.05.

EUR/JPY longs at 128.85/75 target 129.40/50 and strong resistance at 129.90/130.00 for an easy 100 pip profit. Shorts need stops above 130.20. A break higher targets 130.60/70. Shorts at resistance at 129.90/130.00 target 129.40/30, perhaps as far as strong support at 128.85/75. Longs need stops below 128.45.

CAD/JPY tests strong resistance at 8760/70. Shorts need stops above 8780. A break higher is a buy signal targeting resistance at 8820/30. Shorts need stops above 8840. Shorts at at 8760/70 target 8720/10, perhaps as far as best support at 8680/70. Longs need stops below 8650. A break lower is a sell signal targeting 8620/10, perhaps as far as 8560/50.

JPY Chart

Disclaimer: 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 realized. 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.

Latest comments

Really wonderful sir
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.