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Technical Update - JPY pairs rebounding. Find the upside potential here
Kim Cramer Larsson
Technical Analyst, Saxo Bank
- JPY pairs are rebounding off supports following their massive sell-off the past two weeks
- 0.382 retracement levels are the first targets in sight. But there could be further upside potential. Find the levels here and check out what is needed for the JPY pairs to resume down trend
- USDJPY, EURJPY, AUDJPY and GBPJPY
USDJPY has bounced from strong support at around 151.85 and is likely to test the 0.382 retracement at 155.76. However, there is room up to 157.50 resistance. The slightly declining 55 Moving Average will add to the resistance around that area
If broken there is strong resistance at around 158.40
RSI is in negative sentiment suggesting that USDJPY could resume downtrend after a correction. If breaking below 153.00 USDJPY could also break the 151.85 support with downside potential to 150.80 possibly lower.
EURJPY rebounded just before it touched the strong support at around 164.64-164.00. a rebound that is likely to take EURJPY to the 0.382 retracement at 168.88.
However, the strength indicator RSI is showing divergence indicating the sell-off has exhausted and EURJPY could push higher towards the rising trendline and strong resistance at around 171.47.
An RSI close above 60 threshold will support the scenario of EURJPY pushing to 171.47
If EURJPY slides back dropping below today’s low at 166.15 the support area 164.64-16.00 is likely to be tested
AUDJPY spiked below the 200 Ma and the minor support at 99.91 to bounce just above strong support at around 98.73.
Now back above the rising trendline AUDJPY is likely to bounce further to the 0.682 retracement at 103.10.
A daily close above will mean that AUDJPY has close back above the 100 Moving Average indicating likely further rebound potential.
An RSI close back above 60 threshold will confirm that scenario to play out If that scenario plays out with upside potential to 105.50
However, if moving back below 99.90 the support at around 98.73 is likely to be tested.
GBPJPY rebounded from the rising trendline and the support at around 197.65 after spiking below few times.
A rebound to the 0.382 retracement at 100.55 is likely. However, there could be upside potential to at the 0.618 retracement at 203.46, if RSI closes above 60 threshold thereby back showing positive sentiment.
If GBPJPY takes out last week’s low at 195.85 there would be downside potential to 193.40-191.35