USD/JPY, EUR/JPY Forecast – Feb 24, 2020

  


initially hovered around 1 support at 111.70/60 before bottoming exactly at our buying opportunity at 111.25/15 longs work perfectly on the bounce to 111.68.

collapsed through 120.65 to the next target of 120.25/15& bottomed exactly here overnight.

USD/JPY severely overbought with minor resistance at 111.60/70 before retesting the target of 112.10/15. Unlikely but a break higher targets 112.35/40 then 112.80/85.

Failure to beat 111.70 retests strong support at 111.25/15. If you try longs again, stop below 111.05. A break lower is a sell signal targeting 110.95/90 and a buying opportunity at 110.75/65, with stops below 110.50.

EUR/JPY in 1 big sideways trend for months, like many yen pairs. First support at 120.25/15 held perfectly but below 120.00 meets a buying opportunity at 119.65/55, with stops below 119.40.

Minor resistance at 120.70/75 but above here retests 121.28/38. On a break higher look for 121.60/70 then 121.90/99.

Trends

  • Weekly outlook is neutral
  • Daily outlook is neutral
  • Short Term outlook is negative
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