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Technical Update - USDJPY and AUDJPY jump back above key support in late session. Can they stay above and resume uptrend?
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
USDJPY bounced off from 100 SMA closing above key support t 131,49. That indicat4es power has shifted from sellers to buyers of USDJPY. The pair is likely toe move higher over the next few days back above 134.26.
RSI is testing very short term falling trendline and if breaking above that one USDJPY is likely to resume uptrend.
However, if sellers come back in and close USDJPY below support at 131.49 the bearish move could resume. If breaking below Tuesday low at 130.38 there is no strong support before 126.26. Minor support at 129.43
For the better part of Tuesday it seems as if AUDJPY should close well below key support at around 91.42. But late buying lifted AUDJPY back above . Still below its 100 SMA however, but RSI also closed above 40 threshold i.e. still positive sentiment. AUDJPY is likely to continue its bounce and if moving above 55 SMA uptrend is likely to resume. For AUDJPY to turn bearish a daily close below 91.40 is needed.
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