EURUSD, USDCAD, USDJPY - Forex Analysis By DayTradeIdeas - 04/04/2022

EURUSD, USDCAD, USDJPY - Forex Analysis By DayTradeIdeas - 04/04/2022

EURUSD shorts at strong resistance at 1.1130/50 hopefully worked on the collapse to 1.1070 & our ultimate target of 1.1030 on Friday. If we continue lower this week (as is likely) look for 1.1000. Expect support at 1.0960/50. A break lower is a sell signal.

Resistance at 1.1140/60. Shorts need stops above 1.1185 today!! A break higher is a buy signal targeting very strong resistance at 1.1230/50. Shorts need stops above 1.1270.

USDCAD held the 500 week moving average at 1.2420/00. Should be worth trying longs if we retest today, with stop below 1.2370.

A high for the day exactly at first resistance at 1.2530/50. Shorts need stops above 1.2565. A break higher targets a sell opportunity at 1.2600/20. Shorts need stops above 1.2640.

USDJPY outlook is more negative (although I repeat that we do not have a sell signal). Holding strong resistance at 122.50/70 targets 121.75/70 perhaps as far as the best support for today at 121.10/120.90. Longs need stops below 120.70. A break lower is a sell signal targeting 120.00/119.80.

We should have strong resistance at 122.50/70. Shorts need stops above 122.90. A break higher can retest Wednesday's high at 123.15/20.

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Jason Sen

Jason Sen

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 used technical analysis throughout his trading career and formed Daytrdeideas.co.uk which established itself as the leading provider of daily technical analysis to independent and professional traders within the investment bank community. He advises dozens of traders at up to 15 major investment banks and hedge funds on market movement throughout each trading day on The Bloomberg Professional® service. Jason Sen also provides trade ideas with entry, exit and target levels on Telegram & in daily reports to retail traders. daytradeideas.co.uk