USD/JPY, EUR/JPY Forecast For Feb. 6, 2020

recovering late January losses as we beat minor resistance at 109.45/55 to hit the next target of 109.80/90 and we topped exactly here.

hit the next target of 120.95/99 with a short spike as far as 121.14 before settling below 120.95/99.

USD/JPY topped exactly at the next target of 109.80/90 as we look for a test of quite strong resistance at 110.10/20 in to the end of the week. A break above 110.30 is the next buy signal.

Minor support at 109.70/65 then a buying opportunity at 109.54/50, with stops below 109.40. Try longs again at 109.30/25 with stops below 109.15.

EUR/JPY first resistance at 120.95/99. A break above 121.15 targets stronger resistance at 121.25/35. Shorts need stops above 121.45. A break higher targets 121.65/75.

First support at 120.55/45 then a buying opportunity at 120.25/20, with stops below 120.10.

Trends

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