USDJPY
Even as short-term descending trend-channel aptly portrays USDJPY's latest decline, pair's bounce from a month-old ascending trend-line indicate brighter chances of its upswing towards 117.70 channel-resistance mark. Should the quote surpasses 117.70, the 118.00 round-figure may act as an intermediate halt before prices may rally to the month-high, around 118.65. In case if Bulls continue fueling the pair beyond 118.65, it becomes capable enough to aim for 61.8% FE level of 119.50. Alternatively, 116.40 TL-figure offers immediate support to the pair, breaking which channel lower-line of 116.00 and the 115.30 are likely consecutive downside figures to appear on the chart before 114.80-75 horizontal-line become alive. Given the pair drops below 114.75, it becomes weaker enough to test 114.40, 113.85-80 and 113.30-25 support levels.
EURJPY
While 124.20-25 horizontal resistance confined EURJPY's up-move during mid-month, the pair did bounce from 121.65-60 region and is again targeting the same region. Given the pair manage to surpass 124.25, the 125.00 and the channel resistance-line of 125.70 are likely following resistances to appear on the chart. In case if the pair keep rallying beyond 125.70, chances are higher that it could flash 126.50 and the 127.00 figures on the chart. On the downside, 121.65-60 can keep offering important support to the pair, breaking which 61.8% Fibonacci Retracement of its March - June drop, at 121.00 and the channel-support, around 120.20, become following southward figures to observe. In case if prices decline below 120.20, also clear 120.00 psychological mark, the 50% Fibo level of 118.80, may become a pass-by rest-point before forcing traders to accept 200-day SMA, 118.25, support-test.
GBPJPY
GBPJPY's U-turn from immediate descending trend-channel support recently broke an intermediate downward slanting resistance-line, at 144.00, indicating its quick rise to channel resistance-line of 144.70. If the pair successfully breaks channel formation by surpassing 144.70, the 145.65 and the 146.30 may entertain buyers prior to pleasing them with 147.30 and the 147.75 resistances. Given the quote manage to clear 147.75, chances of its rally towards 148.50, 149.00 and then to 150.00 psychological magnet can't be denied. Meanwhile, 143.10 and the channel support-line of 142.15 could restrict the pair's near-term downside, breaking which 61.8% Fibonacci Retracement level of 141.50 and the 140.80 should be carefully watched. In case prices decline below 140.80, the 140.30, 140.00 and the 138.90 are likely numbers to appear on the chart.
Cheers and Safe Trading,
Anil Panchal