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Important JPY Pairs: Technical Overview


With 114.70-80 horizontal-line restricting USDJPY's immediate downside ahead of the FOMC, the pair is more likely to turn northwards after the Federal Reserve announce much awaited rate-hike with hawkish message from Fed Chair. During its reversal, 115.50 and the early-week high around 116.20 may offer nearby stops to the pair before it could challenge the short-term ascending trend-channel resistance of 117.00. In case if the quote manages to surpass 117.00, the 117.55 and the 118.30 upside figures become crucial for traders to watch. Given the Fed Chair disappoint global investors with keep repeating her cautious words, the pair may not enjoy further north-run and can quickly dip to channel support of 114.10, breaking which 113.30 and the 112.50 may be followed. Should prices fail to hold 112.50, the 111.40 and the 110.00 are likely important supports to be observed, which if cleared could trigger pair's fresh drop to 108.60.


Alike USDJPY, the EURJPY is also expected to run northwards considering short-term ascending triangle formation; however, the pair's break of 121.90 support could negate the formation and might trigger its drop to 121.00, 120.80 and then to 120.20 consecutive downside figures. If prices keep declining below 120.20, also break 120.00 psychological mark, it becomes wise to expect 118.90 and the 118.50 support levels to come-up on the chart. Alternatively, the pattern resistance around 123.00 can keep limiting the pair's immediate upside, breaking which 123.30 and the 61.8% FE level of 123.80 can please Bulls. Moreover, pair's successful trading beyond 123.80 enables it to aim for 124.60-65 and to the 126.000 resistances.


Having breached 79.30-40 horizontal region, the NZDJPY now aims to surpass December 2015 high of 83.37, which in-turn opens the door for its further north-run to 84.00 horizontal-line resistance. Should there be further upside by the pair beyond 84.00, chances of its rally to 84.80 and then to the 85.50 can't be denied. Meanwhile, overbought RSI levels keep signaling brighter chances for the pair's pullback towards 82.60, 82.15 and the 81.50 support levels. Given the pullback fetches prices below 81.50, the 80.80 and the 80.00 psychological magnet can offer intermediate halts to the pair before it could revisit 79.40-30 area.


Repeated failures to break immediate trend-line resistance, at 114.00 now, signals brighter chances of the CHFJPY's drop to 113.60 support-line, breaking which 113.30 and the 113.10 can quickly appear on the chart. Should the pair continue declining below 113.10, the 112.70 and the 112.45 are likely acting as buffers during its south-run to 112.00 round figure. On the upside, a clear break of 114.00 can trigger the pair's rise to 114.20 and then to 61.8% FE level of 114.55. In case if the quote sustains advances beyond 114.55, the 115.00 and the 116.05-10 could please buyers.

Cheers and Safe Trading,
Anil Panchal


Wednesday, 14 Dec, 2016 / 12:20

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