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Technical Update - JPY weakening against all currencies. Expect more of that
Summary: Covered FX pairs: AUDJPY, EURJPY, GBPJPY and USDJPY
AUDJPY is breaking out bullish of its falling wedge like pattern. If it closes above the upper falling trend line AUDJPY is set for higher levels. Resistance at 94.80 and 95.60.
However, there is no divergence on RSI indicating higher levels above June highs 96.88. A move to around 99 is not unlikely .
To demolish this bullish scenario a close below the upper falling trend line is needed.
EURJPY: The break below support at 137.83 seems to have been false. If EURJPY closes above for the second day it is post likely cancelling the Double Top picture.
If EURJPY closes above the medium term rising trend line the RSI indicator will have broken above its falling trendline and most likely also above 60 i.e. bullish sentiment. If that scenario plays out EURJPY is back in bullish territory and could test previous highs.
Resistance at 142.50. A close below 136.85 and EURJPY is likely to collapse to around 133.
GBPJPY stays above its short term rising trend line and seems to be set for a re-test of previous peaks around 168.45. RSI has broken its falling trendline supporting the bullish picture. A close below 161.80 will reverse that.
USDJPY moving higher and could break above its upper rising trend line in what looks like a rising wedge. If that occurs the wedge pattern is demolished and USDJPY is set for 142. See in-depth analysis of USDJPY here: https://www.home.saxo/content/articles/forex/ta-usdjpy-11072022