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Technical Update - JPY pairs on the move higher. USDJPY, EURJPY, AUDJPY, GBPJPY and CHFJPY
Kim Cramer Larsson
Technical Analyst, Saxo Bank
USDJPY after a minor setback USDJPY seems to be resuming uptrend. Testing last week’s peak the cross could be destined to test 2022 peak at around 151.94. There is no strong resistance until that level.
That peak is also within few cents of the 1.618 projection of the minor correction.
However, USDJPY could very likely move higher above 2022 peak. An RSI close above the horizontal blue line will cancel the divergence strongly indicating higher USDJPY levels.
To demolish the bullish trend a close below 148.80
EURJPY has broken above strong resistance at around 159.76 and RSI is back above 60.
Unless EURJPY is collapsing closing back below 159.76 the cross is on course towards 163-164.
The two vertical arrows are illustrating that the range 159.76 – 155.50 could be shifted upwards i.e., they are equal length indicating EURJPY could move to the 1.764 projection at 163.86.
To demolish this bullish picture a close below 157.65. First indication of that to play out would be if EURJPY is closing back below 159.76
AUDJPY is having another go at the 95.85 resistance. IF closing above AUDJPY is likely to stay above and not collapse immediately as it did last time.
A test of the strong resistance at around 96.83 is in the cards. An RSI close above 60 threshold will confirm that scenario. A break above 97 will pave the way to 2022 peak at around 98.55
GBPJPY is once again testing key strong resistance at around 183.90. A close above and an RSI close above 60 will confirm uptrend with a move to 186.76 likely to follow.
If failing to close above 183.90 GBPJPY would be stuck range bound.
A close below 180.18 will confirm a downtrend with down side potential to 176.25 CHFJPY has found support at the 55 Moving Average and the 0.382 retracement at 165.16.
Currently testing the 0.618 retracement of this minor correction CHFJPY seems set for another push higher.
RSI is showing positive sentiment supporting higher levels. A move to 170.55 -171.86 seems likely.
To demolish this bullish scenario a close below 164.95
Currently testing the 0.618 retracement of this minor correction CHFJPY seems set for another push higher.
RSI is showing positive sentiment supporting higher levels. A move to 170.55 -171.86 seems likely.
To demolish this bullish scenario a close below 164.95
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