14 C
New York
Thursday, May 6, 2021

USD/JPY, EUR/JPY And CAD/JPY Daily Forecast

Must read

Gold subdued on firmer dollar; US jobs report in focus

Gold prices inched lower on Thursday due to a stronger dollar, while investors awaited the release of U.S. non-farm payrolls data for April due...

U.S. embassy in the doghouse in China after student visa post backfires

Sports & General13 minutes ago (May 05, 2021 10:30PM ET) BEIJING (Reuters) - The resumption of student visa applications at U.S. missions in China got...

As COVID-19 rages in India, scientist warns further waves ‘inevitable’

2/2 (C) Reuters. FILE PHOTO: Healthcare workers wearing personal protective equipment (PPE) stand outside a donning area at a COVID-19 care facility, amidst the spread...

BOJ policymakers agreed to focus on low rates as pandemic pain persists

Economy17 minutes ago (May 05, 2021 10:25PM ET) (C) Reuters. FILE PHOTO: A man wearing a protective mask walks past the headquarters of Bank of...

USD/JPY best support at 108.00/107.80 today. Longs need stops below 107.60.

EUR/JPY fooled me with a false breakout above 130.70. The pair unexpectedly crashed 100 pips from 130.96

CAD/JPY I have been waiting for the pair to break lower and complete the head & shoulders pattern for a sell signal. So difficult in this last week, with erratic, volatile conditions. After we broke lower, we shot higher to 8690 before the expected collapse happened.

USD/JPY best support at 108.00/107.80 today. Longs need stops below 107.60. A break lower however signals the next leg lower in the short term bear trend targeting 107.50/45 then strong support at 107.20/15.

Longs at 108.00/107.80 target minor resistance at 108.35/40 then strong resistance at 108.95/05.

EUR/JPY crashed through first support at 130.10/00 to test support at recent lows of 129.80/70, leaving a huge negative shooting star candle. We have an important bull trap here. After yesterday’s false breakout we must be careful, but a break below 129.65 SHOULD signal further losses to 129.25/15. Below 129.05 expect very strong support at 127.80/70.

Gains are likely to be limited in the bull trap with first resistance at 130.10/20. Shorts need stops above 130.30. Next target and resistance at 130.60/70.

CAD/JPY finally reaches the target of 8580/70 but it has been impossible to hold a short position. Further losses are likely to the best support for today at 8510/8490.

Longs need stops below 8475.

Gains are likely to be limited with first resistance at 8615/25. Strong resistance at 8650/60.

JPY Chart

JPY Chart

Disclaimer: No representation or warranty is made as to the accuracy or completeness of this information and opinions expressed may be subject to change without notice. Estimates and projections set forth herein are based on assumptions that may not be correct or otherwise realised. All reports and information are designed for information purposes only and neither the information contained herein nor any opinion expressed is deemed to constitute an offer or invitation to make an offer, to buy or sell any security or any option, futures or other related derivatives.

USD/JPY, EUR/JPY And CAD/JPY Daily Forecast

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

- Advertisement -

Latest article

Gold subdued on firmer dollar; US jobs report in focus

Gold prices inched lower on Thursday due to a stronger dollar, while investors awaited the release of U.S. non-farm payrolls data for April due...

U.S. embassy in the doghouse in China after student visa post backfires

Sports & General13 minutes ago (May 05, 2021 10:30PM ET) BEIJING (Reuters) - The resumption of student visa applications at U.S. missions in China got...

As COVID-19 rages in India, scientist warns further waves ‘inevitable’

2/2 (C) Reuters. FILE PHOTO: Healthcare workers wearing personal protective equipment (PPE) stand outside a donning area at a COVID-19 care facility, amidst the spread...

BOJ policymakers agreed to focus on low rates as pandemic pain persists

Economy17 minutes ago (May 05, 2021 10:25PM ET) (C) Reuters. FILE PHOTO: A man wearing a protective mask walks past the headquarters of Bank of...

Liberty Global Earnings, Revenue Beat in Q1

Stock Markets22 minutes ago (May 05, 2021 10:20PM ET) (C) Reuters. Liberty Global Earnings, Revenue Beat in Q1 Investing.com - Liberty Global (NASDAQ:LBTYA) reported on Wednesday...