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USDJPY, EURJPY, GBPJPY And AUDJPY: Technical Check

USDJPY

Following its bounce from ten-week old descending trend-channel support, the USDJPY portrayed a short-term ascending trend-channel which presently favors the pair's up-move towards 109.95 – 110.00 horizontal resistance, also including the channel's upper-line, with 109.40 being immediate barrier. However, pair's further up-move beyond 110.00 might find it difficult to clear the broader channel resistance, at 110.40 now, and the 110.65 mark, which if cleared can propel its north-run towards 111.90 – 112.00 area. Should the pair successfully trades above 112.00, the 113.80 becomes its next landmark to aim for. On the contrary, 108.70 and the 108.15 are likely nearby supports that the pair traders should watch, breaking which 107.60, quickly followed by the immediate channel support, near 107.45, can come into play. If the pair drops below 107.45, the 106.50 and the 106.00 are likely consecutive downside levels that it could visit prior to re-testing the broader channel support of 104.90.

EURJPY

With another failure to close below downward slanting trend-line, connecting lows marked in March and April, the EURJPY managed to mark the highest levels in two weeks; though, 50-day SMA level of 124.80, and three month old descending trend-line resistance, near 125.50, might hold its further upside captive. Given the pair's break above 125.50, the 126.40 and the 127.00 may become its next rest-points while sustained up-move beyond 127.00, enables it to rally towards 128.15-25 important resistance, breaking which the north-run can target 129.50 upside number. Alternatively, 123.50 and the 123.00 could hold the pair's immediate reversal, failing to which can drag the prices to 122.50 and the 122.00 before revisiting the mentioned trend-line support around 121.50. Should the bears gains control over the pair and fetches it to below 121.50 on a closing basis, chances of its plunge to 61.8% FE of its January – April slide, at 119.90, can't be denied.

GBPJPY

Even if the BoE's upwardly revised inflation forecast fueled GBPJPY towards two week's high, overbought RSI levels, coupled with weaker GDP prediction, might drag the pair towards 157.30 and the 156.20 nearby support levels. Further, pair's additional decline below 156.20 may witness 155.80 and the 155.00 support numbers before fetching the prices to a month old ascending trend-line support around 154.00, which if broken can extend its southward trajectory towards re-testing 61.8% FE of its February month slide, at 151.50. Meanwhile, 158.40-60 area becomes important resistance for the pair to break in order to aim for 159.50 and the three month old descending trend-line level around 160.60. Given the pair manages to clear the trend-line resistance, it can further rise to 161.50 and the 162.70 prior to witnessing the 164.00 important horizontal resistance-line.

AUDJPY

Even if the BoE's upwardly revised inflation forecast fueled GBPJPY towards two week's high, overbought RSI levels, coupled with weaker GDP prediction, might drag the pair towards 157.30 and the 156.20 nearby support levels. Further, pair's additional decline below 156.20 may witness 155.80 and the 155.00 support numbers before fetching the prices to a month old ascending trend-line support around 154.00, which if broken can extend its southward trajectory towards re-testing 61.8% FE of its February month slide, at 151.50. Meanwhile, 158.40-60 area becomes important resistance for the pair to break in order to aim for 159.50 and the three month old descending trend-line level around 160.60. Given the pair manages to clear the trend-line resistance, it can further rise to 161.50 and the 162.70 prior to witnessing the 164.00 important horizontal resistance-line.

AUDJPY

AUDJPY's bounce from two-month old descending trend-line failed to clear the 80.60-70 horizontal area; however, pair's recent reversal from 79.40 indicates its readiness to again put an effort to surpass the 80.70 mark, which if broken can trigger its up-move to 81.00 and the 81.60 resistance levels. Should the pair maintains its north-run beyond 81.60, the 50% Fibonacci Retracement of its March – May downside, around 82.50, may act as intermediate barrier before it could rise to 83.00 round figure mark. On the downside, 79.40 and the 79.00 are likely immediate supports for the pair, breaking which 78.70 and the recent lows around 78.20 might provide buffers during its southward trajectory towards re-testing the mentioned trend-line support of 77.70. Given the pair's clear break below 77.70, also clearing the February lows of 77.58, it becomes weaker enough to rest at 77.00 – 76.90 support-zone.

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Friday, 13 May, 2016 / 1:52

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

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