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Technical Checks for USDJPY, GBPJPY, CADJPY & CHFJPY

USDJPY

Following its gradual downturn from 118.60-65 horizontal-line resistance, the USDJPY dropped below 114.80 TL support and is presently declining towards 113.10, with 113.65 being immediate rest. Given the pair declines below 113.10, the 112.60 and the 38.2% Fibonacci Retracement level of 112.00 may offer intermediate halts prior to giving a stop to prices around 111.35-30. In case if Bears dominate below 111.30, it becomes wise to expect 109.70 and the 108.60 on the chart. Meanwhile, 114.80 can keep limiting the pair's near-term upside, breaking which 115.20, 115.70 and the descending trend-line mark of 116.60 are likely following resistances to watch. If at all the quote surpasses 116.60, the 117.50 and the 118.25 may entertain buyers ahead of again making them confront 118.60-65.

GBPJPY

With the break of 142.30 horizontal-line, the GBPJPY confirmed short-term "Head & Shoulder" bearish formation, which theoretically indicates the pair's south-run towards 136.00; however, 138.90-80 and the 137.50 may act as buffers. Given the prices decline below 136.00, chances of its plunge to 134.50 can't be denied. On the upside, 141.50 and the 142.30 may keep being adjacent resistances for the pair, break of which could negate bearish formation and can fuel the quote towards 143.20 and the 144.00. On a successful trade beyond 144.00, the 145.30, 146.50 and 147.80 can please buyers.

CADJPY

CADJPY's repeated failures to clear 88.80-90 horizontal-line reignites the importance of short-term ascending trend-line support of 86.75, which if broken can quickly fetch the prices to 86.00 and then to 85.50. However, 50-day SMA level of 84.50 becomes a strong support that could limit the pair's additional downside below 85.50, clearing which raises concerns to see 84.00 & 83.10 on the chart. During the pair's reversal from present level, 87.70 & 88.30 are expected nearby resistance before making it challenge 88.80-90 region. In case if prices close beyond 88.90, also surpasses 89.00 round figure, the 90.00 psychological may act as a barrier during its rally to 90.50 resistance-mark.

CHFJPY

Having successfully breached 113.70 – 115.40 rectangle, the CHFJPY is presently declining towards 112.55 test, comprising 61.8% Fibonacci Retracement of its January – June decline, before reigniting chances to witness 50-day SMA mark of 112.00. Given the JPY strength fetch prices below 112.00, the 111.50 and the 110.00 becomes imminent to appear for traders. Alternatively, a daily close above 113.70 can again flash 114.30 and the 115.00 prior to indicating towards 115.40. If at all the pair manage to surpass 115.40, the 116.00 and the 116.80 are expected resistances to appear on the chart to please Bulls.

Cheers and Safe Trading,
Anil Panchal

Thursday, 12 Jan, 2017 / 12:20

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Source : http://www.mtrading.com/analytics/technical-analysis/technical-checks-for-usdjpy-gbpjpy-cadjpy-chfjpy

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