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Technical Update - USDJPY broken bullish, eyeing 149. EURJPY, AUDJPY and GBPJPY range bound
Kim Cramer Larsson
Technical Analyst, Saxo Bank
Summary: USDJPY broken higher extending uptrend. Could move to 149 level.
EURJPY, AUDJPY and GBPJPY still range bound. Break out needed for direction
USDJPY broke the resistance at around 146.55 to close higher above last week’s spike.
Uptrend is resumed and could extend to 1.382 projection at 148.50 possibly up to the 1.618 projection at 149.18.
However, RSI is currently showing divergence and needs to close above the horizontal dashed line to cancel that. If it does there could even more upside for USDJPY.
A close below 144.50 will reverse the bullish picture
Medium-term (weekly chart) USDJPY is in an uptrend and if closing a week above the 0.786 retracement at 146.60 is likely to continue higher towards previous peak at around 151.94 EURJPY did close higher 30th August meaning it is still in an uptrend but haven’t been able to follow through. EURJPY seems to be caught range bound between 156.85 and 159.75. Break out needed for direction.
RSI divergence is indicating break out to be to the downside which could lead to a correction down to around 155.57 support
AUDJPY is trading in a more and more narrow range. Last few weeks between 92.80 and 95.00. Break out needed for direction.
Break out to the upper side there is resistance at around 95.85. Bullish RSI with no divergence is indication that is the likely scenario. If breaking out to the upper side the resistance at around 95.85 is likely to be taken out.
However, a break out will most likely not be with out a struggle. The declining 55 daily Moving Average is acting as a resistance.
GBPJPY range bound between 183.35 and 186.65.
Bearish break out is could fuel a sell-off down to 0.618 retracement and support at around 180.20
A break above 186.65 uptrend set to be extended to strong resistance at around 188.80.
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