USD/JPY Breaks Strong Support
Jason Sen | Nov 29, 2021 06:16AM ET
- USD/JPY broke strong support at 114.20/10 for the next target of 113.40/30 before a bounce from 113.03.
- EUR/JPY collapsed to the only support for the week at 127.95/90.
- CAD/JPY shorts at 9100/9110 worked perfectly on the slide to 8900/8890, but we continued lower look to the next target of 8875/50. h2 Today's Analysis/h2
USD/JPY gains are likely to be limited with first resistance at 113.55/65. A better selling opportunity at 113.95/114.05, with stops above 114.20.
Minor support at 113.10/00. A break below 112.90 targets the November low at 112.70. After that, strong support is at 112.45/35. Try longs with stops below 112.20.
EUR/JPY collapsed to the only support for the week at the August/September low at 127.95/90, with a good bounce from just 12 pips below. A break lower is a crucial sell signal this week, with another 100 pip drop likely.
Resistance is at 128.60/70. But, above 128.80 lies a selling opportunity at 129.10/20 with stops above 129.40.
CAD/JPY's strong support is at 8850/30. Longs need stops below 8810. A break lower targets 8770/60 then 8710/00.
Longs at 8850/30 target 8900/10, perhaps as far as first resistance at 8950/60. Try shorts with stops above 8975.
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