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Technical Overview: EURJPY, GBPJPY, AUDJPY And CHFJPY

EURJPY



EURJPY's break of 116.40-50 horizontal-region found another barrier in terms of short-term ascending trend-channel's resistance that pulled the prices back to mentioned resistance-turned-support. However, the pair seems bouncing back from the same, indicating a probable Breakout-Pullback-Continuation (BPC) pattern that favors its upside to channel upper-line of 117.55. Given the quote surpasses 117.55, 38.2% Fibonacci Retracement of its January – June decline, at 118.10, and the 200-day SMA mark of 118.90 could entertain buyers. If Bulls maintain upside momentum beyond 118.90 on a daily closing basis, pair's rally towards 120.00 psychological mark becomes imminent. On the contrary, a daily close below 116.40 by the pair can quickly fetch it to channel support mark of 115.60, breaking which 23.6% Fibo level of 114.75 and the 114.00 are expected consecutive supports to appear on the chart. Should the price keep declining below 114.00, the 113.60 and the 112.90 may offer intermediate halts before it can test the 112.30-20 support-line.


GBPJPY


With the break of four-month old trend-line resistance and 100-day SMA, the GBPJPY managed to extend its upside towards printing fresh high since September; though, it failed to clear 136.80 resistance, signaling chances of a pullback to 134.35 prior to revisiting 100-day SMA level of 132.75 and then the resistance-turned-support-line of 131.80. Given the pair's extended south-run below 131.80, the 130.00, 129.55 and the 128.20 are likely downside figures to appear on the chart. In case if the pair manages to surpass 136.80 on a daily closing basis, it becomes capable enough to run towards 23.6% Fibonacci Retracement of its November 2015 – October 2016 downside, at 138.30, and then to the 140.00. However, a year-long descending trend-line, at 140.50, may confine its following advances beyond 140.00, failing to which can give rise to expectations of witnessing 142.45-50 resistance.


AUDJPY



Having failed to sustain the 81.50-60 resistance break, the AUDJPY seems declining towards 80.50-45 support prior to re-testing the 79.95 – 80.00 region, comprising 200-day SMA and medium-term trend-line. Should the quote drops below 79.95, the 38.2% Fibonacci Retracement of its December 2015 – June 2016 decline, at 79.40, and the 79.00 round figure can soon comeback. If downside remain favorable below 79.00, the 78.50 becomes an important level to watch, clearing which the pair can test 77.70 and the 77.30 support-levels. Meanwhile, pair's closing break of 81.60 now needs to surpass recent highs of 82.60 in order to be eligible for targeting 83.20 and the 61.8% Fibo level of 83.70. During the pair's successful north-run beyond 83.70, the 84.50-55 and the 85.60 are the resistances that could please pair buyers.

 

 

 

CHFJPY




Ever since the CHFJPY reversed from 104.00, it kept on rallying and tested the Brexit-day highs on Wednesday; however, 200-day SMA, at 108.90 now, seem restricting the pair's further up-moves at the moment with 38.2% Fibonacci Retracement of its January – June decline, around 108.45, acting as immediate support. If overbought RSI and expected JPY strength drags the pair below 108.45, it's fresh south-run to 107.70 and then to 107.00 can't be denied. Moreover, pair's additional weakness below 107.00 may find 106.80 and the 106.30 as intermediate stops prior to dragging the quote towards 105.50. Alternatively, pair's successful break of 108.90, also clearing 109.00 round figure, can help it challenge the ten-month old descending trend-line mark of 110.30. Given the pair manage to surpass 110.30, it wouldn't be a surprise to see 111.35-40 on the chart.

Cheers and Safe Trading,

Anil Panchal


Thursday, 17 Nov, 2016 / 2:26

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Source : http://www.mtrading.com/analytics/technical-analysis/technical-overview-eurjpy-gbpjpy-audjpy-and-chfjpy

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