Technical Analyst, Saxo Bank Group
Summary: USDJPY still holding on above the Cloud area and above 146
EURJPY bouncing from key support at 158.55 and AUDJPY from 95.88. Both could be resuming uptrend
USDJPY failed to test strong resistance at around 149.75 and has since been sliding lower to the upper part of the Cloud just a few cents above the 0.382 retracement at around 145.54.
RSI still in positive sentiment with no divergence and USDJPY still above the 55 and 200 DMA indicating USDJPY could resume uptrend.
However, the 55 DMA is declining and USDJPY is below the 100 DMA suggesting the JPY cross could be caught range bound between 145 and 148 for foreseeable future i.e., next few days to a week.
If USDJPY is breaking below 55 DMA selling pressure could take it down to the 0.618 retracement at 143.52
A close above 148.80 is likely to fuel a rally back to 2022 peak around 152. Resistance at 148.80
AUDJPY dipped just below key strong support at around 95.80 and the lower rising trendline only to close well above, and above the Cloud.
RSI also closed above the 40 threshold.
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