Technical forecast for EUR/USD and USDJPY

EURUSD1

The USDJPY eased back to 93.05/92.95 for our buying opportunity & we bottomed just below at 92.83. We are moving higher again as hoped but should run in to resistance at 93.90/94.05.

Watch for a high for the day here but go with a break higher looking for the 94.46 highs to be tested. If we then break above 94.50 we should continue with the highs of 2010 at 94.80/94.99 likely to be tested. If this does not hold us back look for 95.29.

Support remains at 92.95/85 but below here risks further profit taking down to 92.20/05. We can use this as an opportunity to exit any shorts and buy in to longs with a stop below 91.80 as we look for a low to the correction here.

EURUSD hit our target & resistance at 1.3518 & topped out exactly here. Support at 1.3420/15 has held the pullback but below here today look for 1.3375 then the week’s low at 1.3325. We still have very good support at 1.3310/1.3290 and the chance of a low for the week if tested.

2.3518/20 remains tricky resistance today but if we do break higher look for 1.3564 to exit longs and sell in to shorts with a stop above 1.3580.

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens. Jason always had an interest in technical analysis throughout his trading career but began to study this area in depth from 2006. www.daytradeideas.com has established itself as the leading provider of... More