Forex Pairs Analysis: EURJPY, EURUSD And GBPUSD

Forex Pairs Analysis: EURJPY, EURUSD And GBPUSD

EURJPY holding the longer term 50% Fibonacci at 124.30/25 so I was wrong not to buy here! The pair beat minor resistance at 125.60/70 for the next target & strong resistance at 126.40/50. However the strongest resistance today is at 126.90/127.10. Shorts need stops above 127.50.

Holding strong resistance at 126.40/50 this morning targets 15.70/60. If we continue lower look for 125.00 before a retest of the longer term 50% Fibonacci at 124.30/25.

EURUSD meets strong resistance at 1.0975/95. Shorts need stops above 1.1015. A break higher meets very strong resistance at 1.1070/90. Shorts need stops above 1.1110.

Holding below 1.0910 keeps the pressure on for 1.0860/50 before a retest of important 5 year trend line support at 1.0820/00. HOWEVER WE ALSO HAVE 37 YEAR TREND LINE SUPPORT AT 107.50/00. YES YOU READ THAT RIGHT - 37 YEARS, DATING BACK TO 1985!!! MOST OF YOU WERE PROBABLY NOT EVEN BORN. (2 YEARS LATER I STARTED TRADING!!)

IF THIS LEVEL WERE TO BREAK IT WOULD ONLY BE THE START OF THE EURUSD COLLAPSE. INITIALLY WE TARGET 104.000/103.50 THEN 102.00/101.70. IF THIS LEVEL BREAKS WE ARE LIKELY TO FALL EVEN FASTER THAN WE HAVE OVER THE PAST MONTH.

GBPUSD best support revised a little lower to 1.3150/20 (from the weekly chart). Longs need stops below 1.3090. A sustained break lower is a very significant longer term sell signal. Initially we target 1.300 then 1.3010/00 & 1.2980/60.

Longs at 1.3150/20 target 1.3175/85 then first resistance at 1.3220/30. We should struggle to beat this level here initially, but shorts may be too risky. If we continue higher look for strong resistance at 1.3300/20.

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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