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Technical Update - USDJPY, EURJPY, GBPJPY & AUDJPY

Forex 5 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

USDJPY is moving higher after breaking the strong resistance at 142.25. The uptrend is short-term quite stretched but RSI is, despite flattening, not showing divergence suggesting higher levels are likely.

USDJPY is close to resistance at around 145.30 and a minor correction down to its lower rising trendline could be seen before uptrend is likely to resume.
USDJPY is forming a Rising Wedge like pattern and if USDJPY closes below the lower trendline a larger correction could occur.

Medium-term trend is up with USDJPY approaching the 0.786 retracement (weekly chart) at 146.60.

usdjpy d 30jun
Source all charts and data: Saxo Group
usdjpy w 30jun

EURJPY uptrend seems to be stalling and a correction could be seen possibly down to the 0.382 retracement and support at around 154.41.
RSI is bullish with no divergence indicating EURJPY is likely to move higher after a correction.
A close below 154.00 is likely to fuel a larger correction down to 0.618 retracement at 152.28 and the lower rising trendline.

Medium-term EURJPY is testing the resistance at around 157. Also on the weekly chart is RSI bullish with no divergence indicating EURJPY is likely to move higher.

eurjpy d 30jun
eurjpy w 30jun

GBPJPY is ripe for a correction with divergence on RSI. A correction down to the lower rising trendline should be expected possibly dipping down to the 0.382 retracement at around 174.00

Medium-term there is still uptrend potential with no resistnace until around 188. Bullish RSI with no divergence is indicating GBPJPY is likely to move higher.

 

gbpjpy d 30jun
gbpjpy w 30jun

AUDJPY has an ongoing correction that could dip down to the 0.382 retracement at around 94.84. During the correction AUDJPY seems to be forming a Pennant like formation (a small wedge) which is often seen during a correction phase.
With no RSI divergence AUDJPY is likely to move higher above June peak at 97.67 after a correction

Medium-to longer-term AUDJPY is in an uptrend. Strong resistance at around 97.50. RSI is positive and no divergence indicating AUDJPY could make a new high. AUDJPY is likely to have another go at the 97.50 resistance and likely penetrate it. If that scenario plays out a move towards 103.30 could be seen

audjpy d 30jun
audjpy w 30jun

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