Following its failure to clear 118.60-70 horizontal-resistance, the USDJPY broke short-term ascending trend-line, which in-turn signals brighter chances of its continued pullback towards 38.2% Fibonacci Retracement level of 115.80 and then to 115.30. However, 114.80-75 support-line becomes important for the pair's further downside below 115.30, which if broken could trigger its plunge towards 113.80 and then to 113.30 support-numbers. In case of the pair's reversal from present levels, 117.00 and the 117.30 can offer nearby resistances, breaking which 117.80 and the 118.20 may create intermediate barriers during its north-run to again challenge 118.60-70. Given the quote manage to surpass 118.70, it becomes capable enough to aim for 61.8% FE figure of 119.50 before flashing 120.00 on the chart.
Unlike USDJPY, the EURJPY is less expected to portray noticeable moves; however, its present pullback can drag it to 122.00 prior to revisiting 121.65-60 range-support. Should the quote drops below 121.60, 120.90, 120.50 and the 38.2% Fibonacci Retracement level of 120.10 can entertain sellers ahead of offering them 119.50-45 support-zone. Alternatively, 123.15 and 123.50 are likely adjacent resistance for pair traders to watch before considering chances of 123.85-90 range-resistance. Given the pair breaks the range on upper-side, a confirmation of trading above 124.10 is required for it to claim 125.00 area.
GBPJPY's recent bounce-off from 142.20 – 145.55 range support now favors its recovery towards 144.00 and the 144.60 ahead of challenging the 145.00 and the 145.50-55 resistances. Should the pair manage to extend its recovery beyond 145.55, the 146.30 and the 147.00 might act as buffers prior to fueling it towards 147.30, 147.80 and then to 148.50 north-side numbers. Meanwhile, a clear break below 142.20 can trigger the quote's dip to 141.60-50 and then to 140.00 psychological support, around 38.2% Fibonacci Retracement. During the Bear's successful governance over the pair prices below 140.00, the 138.80 and the 50% Fibo level of 137.55 are likely downside numbers for traders to watch.
NZDJPY is another example of JPY pair's range trading since last few-days. The pair presently carry its reversal from 80.30 – 82.00 range resistance and pops expectations of 80.80 & 80.65 ahead of its revisit to 80.30. Though, pair's break of 80.30 may take a halt at 80.00 before resting 79.70 and the 79.00 supports, which if broken can't negate chances of witnessing 78.40 & the 77.80 on the face of the quote. Meanwhile, 81.50, 81.80 and the 82.00 can keep entertaining short-term buyers of the pair, breaking which 82.15, 82.50 and the 82.85 might comeback to lure Bulls. If prices rally beyond 82.85, the 83.20 seems the only barrier before flashing a tip above December high of 83.70.
Cheers and Safe Trading,