Technical forecast for EUR/USD and USDJPY

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.