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Technical Update - USDJPY, EURJPY and GBPJPY struggling at key resistance levels. Where to next?
Kim Cramer Larsson
Technical Analyst, Saxo Bank
Summary: USDJPY above 148.80 but struggling at 149.75 resistance
EURJPY rejected at 161
GBPJPY rejected just below 189
USDJPY closed Thursday above key resistance at 148.80 confirming the uptrend but seems to be struggling for further upside. Resistance at 149.75 is key. A break above could fuel a push higher towards 152.
There is minor RSI divergence underpinning the struggle USDJPY has for moving higher. The pair could slide back below 148.80 and if it does the minor support at around 147.50 could be tested.
If that scenario plays out USDJPY could be caught range bound between 148.80 and 146
There is minor RSI divergence underpinning the struggle USDJPY has for moving higher. The pair could slide back below 148.80 and if it does the minor support at around 147.50 could be tested.
If that scenario plays out USDJPY could be caught range bound between 148.80 and 146
EURJPY is struggling to close above key resistance and the 0.786 retracement at around 161.
RSI has been rejected at closing back above the 60 threshold. It is still showing positive sentiment but needs to close above 60 for renewed upside momentum.
A close above 161 there is potential to 164.20
However, EURJPY could be caught range bound 161- 158.50 next few days
RSI has been rejected at closing back above the 60 threshold. It is still showing positive sentiment but needs to close above 60 for renewed upside momentum.
A close above 161 there is potential to 164.20
However, EURJPY could be caught range bound 161- 158.50 next few days
GBPJPY has been rejected at resistance at around 188.66 despite spiking a few cents higher. A close above is needed for further upside to 190
However, GBPJPY seems likely to slide back to the 187.50 level.
To establish a downtrend a break below 185.20 is needed.
RSI is still in positive sentiment but with divergence indicating GBPJPY is likely failing moving higher. Range bound behaviour around 188-187 next few days seems like.
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