USDJPY double top risk increases with a mildly negative candle on the weekly chart. Yen benefitting from safe haven status as war concerns increase.

EURJPY had collapsed almost 300 pips at one stage on Friday from Thursday's high, in the flight to the safe haven Yen. The pair remains in a 1 year sideways trend with no other pattern to rely on.

CADJPY remains very volatile in the 5 month sideways trend, making it difficult to hold a trade for a more than a few hours. Certainly cannot hold a trade over night.

Update daily at 06:30 GMT

Today's Analysis.

USDJPY now has huge double top risk with a high for the day at the January high. If you did try a short, we broke first support at 115.70/60 to target 115.30/20 with losses as far as 115.00. On the open, holding support at 115.28/25 allows a recovery to resistance at 115.65/70. A break above 115.75 can target 116.00/10 before a retest of 116.20/30.

For scalpers we have support at 115.30/20 & 114.93/88. Risking 20 pips to try to scalp a 30-40 pip profit is probably the best strategy I can suggest in these volatile conditions. Further losses however target 114.58/53 with strong support at 114.30/20.

EURJPY levels for scalpers in the large, longer term sideways trend are: 131.20/30 & 131.95/132.05, 132.55/65 & 133.05/15.

On the downside look out for some support at 130.70/60 & what should be strong support at 130.15/05. Longs need stops below 129.90.

CADJPY should have support at 9040/30 & resistance at 9100/9110. In the middle we have a minor level at 9065/70 so I would scalp these levels if the opportunity arises. A break above 9120 can retest last week's high at 9160/70.

A break below 9020 targets 8990/80, perhaps as far as 8930/20.

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