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Technical Update - JPY pairs pushing higher but how high?
Kim Cramer Larsson
Technical Analyst, Saxo Bank
Summary: USDJPY struggling to break 2022 peak and resistance
EURJPY moving higher eyeing 163-165
AUDJPY volatile but likely to push towards 2022 peak
GBPJPY testing key resistance, eyeing 190
USDJPY yesterday was once again rejected at the 2022 peak at around 151.94. A minor setback could be seen possibly down to around 150 before another attempt.
If USDJPY breaks below 148.80 a larger correction is likely.
RSI divergence shows that the uptrend is weakening. This divergence needs to be traded out and can be done in two ways; either a higher close above 152 or a correction likely below 148.80However, a USDJPY close above 152 could lead to a swift rally to the 1.618 projection at 153.28 but not unlikely a bullish move to the 2.0 projection at 154.25
EURJPY is moving higher day by day getting close to the 1.618 projection at around 163.12. RSI is positive with no divergence indicating higher EURJPY levels i.e., a move to around 165 is in the cards.
It should be noted however, that there is no strong resistance until around 170 which the 2008 peak
Reaching 1.618 projection a correction should be expected. But the uptrend is intact until a close below 159
AUDJPY is once again trying to get back above 96.83 resistance. The bullish is likely to take the pair higher as indicated by positive. RSI sentiment. A break back above 96.83 is likely to fuel another rally that could very well take out the resistance at around 97.67 and push AUDJPY to 2022 peak at around 98.55
A close below 96.00 will demolish the bullish scenario and quite likely sending AUDJPY down to around 95 GBPJPY is close to be testing August peak at around 186.86. A close above would pave the road to the 190 level i.e., the 1.382 projection
Positive RSI is supporting the bullish view.
However, there is some resistance at around 188.80 (back from 2015)
A close below 184.45 will demolish the bullish picture Latest Market Insights
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