USDJPY
While week-long descending trend-line limits present upside of the USDJPY, an immediate upward slanting TL support, at 117.35 now, becomes important for traders to watch. Considering the pair's gradual lower-high formation, chances of its dip below 117.35 are brighter, which in-turn could open the door for broader trend-line support mark of 116.85. In case of the pair's break of 116.85, the 116.10 and the 115.50-45 may offer following rests to the pair. Meanwhile, pair's break above 118.00 trend-line resistance could trigger its north-run to 118.25 and to the 118.65 while 61.8% FE level, around 119.00, becomes crucial to predict additional price advances. Should JPY weakness fuel prices beyond 119.00, it becomes capable enough to aim for 120.50 and the 121.00 resistance levels.
EURJPY
Even though 124.00 – 124.20 horizontal-line restricted the EURJPY's upside during late last-week, a month-old ascending trend-channel keep signaling the pair's strength. The pair presently trades around the channel-support of 122.00; however, oversold RSI indicate brighter chances of a pullback which if breaks 122.00, can quickly fetch the quote to 120.80 and then to 119.75-70 supports. Given the pair dips below 119.70, 200-day SMA level of 118.30 becomes important, clearing which enable traders to expect 117.00 on the chart. During the pair's upside, 123.30 may offer immediate resistance to the pair before it could rally to 124.00 – 124.20 area, breaking which can help the Bulls witness 124.60 and the 125.30 resistances. However, channel-resistance mark of 126.80 could restrict the quote's additional upside beyond 125.30.
NZDJPY
NZDJPY presently struggles around 81.00 – 80.90 horizontal support with 80.60-55 offering follow-up rests if the pair chooses to break it. In case of the pair's break below 80.55, the 80.25 and the 50% Fibonacci Retracement level of 79.70 becomes important for traders to watch. Should the pair breaks below 79.70, the 79.00 and the 78.50 could entertain pair Bears. Alternatively, 81.60 and the 82.00 can confine the pair's immediate advances, breaking which can trigger its escalation to 82.20 and to the 82.55 resistance before challenging 82.85 and the 83.20. Given the pair manage to surpass 83.20, it can aim for 83.75 and then to 84.00 noth-side figures.
CADJPY
Following its reversal from 88.75-90 horizontal-line, the CADJPY dropped below a steep ascending trend-channel and is presently indicating further decline to 86.90 before resting at 61.8% Fibonacci Retracement of its November 2015-16 drop, at 86.20. Should there be further downside below 86.20, the 84.75 and the 84.30 can entertain following sellers. On the contrary, 88.20 and the 88.75-90 can keep restricting the pair's immediate upside, breaking which requires a close above 89.10 in order for the Bulls to target 90.00 psychological magnet. If the pair manage to sustain its upside momentum beyond 90.00, it becomes capable enough to flash 90.80 and the 91.60 resistances.
Cheers and Safe Trading,
Anil Panchal