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USD/JPY, EUR/JPY And CAD/JPY Daily Forecast

By Jason SenForexApr 21, 2021 06:13AM ET
USD/JPY, EUR/JPY And CAD/JPY Daily Forecast
By Jason Sen   |  Apr 21, 2021 06:13AM ET
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USD/JPY best support at 108.00/107.80 today. Longs need stops below 107.60.

EUR/JPY fooled me with a false breakout above 130.70. The pair unexpectedly crashed 100 pips from 130.96

CAD/JPY I have been waiting for the pair to break lower and complete the head & shoulders pattern for a sell signal. So difficult in this last week, with erratic, volatile conditions. After we broke lower, we shot higher to 8690 before the expected collapse happened.

Today’s Analysis

USD/JPY best support at 108.00/107.80 today. Longs need stops below 107.60. A break lower however signals the next leg lower in the short term bear trend targeting 107.50/45 then strong support at 107.20/15.

Longs at 108.00/107.80 target minor resistance at 108.35/40 then strong resistance at 108.95/05.

EUR/JPY crashed through first support at 130.10/00 to test support at recent lows of 129.80/70, leaving a huge negative shooting star candle. We have an important bull trap here. After yesterday’s false breakout we must be careful, but a break below 129.65 SHOULD signal further losses to 129.25/15. Below 129.05 expect very strong support at 127.80/70.

Gains are likely to be limited in the bull trap with first resistance at 130.10/20. Shorts need stops above 130.30. Next target and resistance at 130.60/70.

CAD/JPY finally reaches the target of 8580/70 but it has been impossible to hold a short position. Further losses are likely to the best support for today at 8510/8490.

Longs need stops below 8475.

Gains are likely to be limited with first resistance at 8615/25. Strong resistance at 8650/60.

JPY Chart
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 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.

USD/JPY, EUR/JPY And CAD/JPY Daily Forecast

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USD/JPY, EUR/JPY And CAD/JPY Daily Forecast

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