Technical Update - USDJPY gives mixed signals. EURUSD in uptrend and Dollar Index testing rising trendline Technical Update - USDJPY gives mixed signals. EURUSD in uptrend and Dollar Index testing rising trendline Technical Update - USDJPY gives mixed signals. EURUSD in uptrend and Dollar Index testing rising trendline

Technical Update - USDJPY gives mixed signals. EURUSD in uptrend and Dollar Index testing rising trendline

Forex 3 minutes to read
Kim Cramer Larsson

Technical Analyst, Saxo Bank

USDJPY forming triangle pattern testing 145.30 key support but RSI still bullish
EURUSD in short-term rising trend. Will it test key resistance at 1.02?
Dollar Index in a down trend testing medium-term rising trendline

USDJPY is once again testing support at 145.30A break and close below is likely to push USDJPY to test key support at 140.25. It seems to have formed a descending like pattern. Break out direction could be either way.

However, RSI still shows positive sentiment since it has not broken below 40 threshold, and there is no divergence on the September-October peaks which indicates higher levels. Next couple of days could be crucial. If USDJPY breaks above 148.85 new highs are likely.
If RSI closes above its short-term falling trend line there is good indication of this new highs scenario to play out.

Source all charts and data: Saxo Group

EURUSD seems to be trading in a rising channel testing October peak at around 1.01 thereby making higher highs and higher lows i.e., short-term uptrend.
If 1.01, which is just a minor resistance, is broken resistance at around 1.02 is next and the upper trendline in the channel. Key resistance at 1.0370
RSI is showing positive sentiment supporting short-term bullish view. 
However, if EURUSD slides back below 0.9730 September lows around 0.9535 is likely to be tested.

Dollar Index was rejected at the short-term rising trendline it tried to break back above a couple of days ago. Short-term down trend is confirmed with lower lows and lower highs.
The Dollar Index is few cents from testing the medium-term rising trendline (lower black line). If the trendline is broken support at 107.67 is likely to be tested.  A close below 107.67 is likely to lead to a sell-off down to around 105-104.50.
For the Dollar Index to reverse this bearish picture a close above 113.05 Is needed. 
An RSI close above its upper falling trend line in the falling channel it is forming could be first indication of this scenario to unfold.


Saxo Capital Markets (Australia) Limited prepares and distributes information/research produced within the Saxo Bank Group for informational purposes only. In addition to the disclaimer below, if any general advice is provided, such advice does not take into account your individual objectives, financial situation or needs. You should consider the appropriateness of trading any financial instrument as trading can result in losses that exceed your initial investment. Please refer to our Analysis Disclaimer, and our Financial Services Guide and Product Disclosure Statement. All legal documentation and disclaimers can be found at

The Saxo Bank Group entities each provide execution-only service. Access and use of Saxo News & Research and any Saxo Bank Group website are subject to (i) the Terms of Use; (ii) the full Disclaimer; and (iii) the Risk Warning in addition (where relevant) to the terms governing the use of the website of a member of the Saxo Bank Group.

Saxo News & Research is provided for informational purposes, does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. No Saxo Bank Group entity shall be liable for any losses that you may sustain as a result of any investment decision made in reliance on information on Saxo News & Research.

To the extent that any content is construed as investment research, such content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication.

None of the information contained here constitutes an offer to purchase or sell a financial instrument, or to make any investments.Saxo Capital Markets does not take into account your personal investment objectives or financial situation and makes no representation and assumes no liability as to the accuracy or completeness of the information nor for any loss arising from any investment made in reliance of this presentation. Any opinions made are subject to change and may be personal to the author. These may not necessarily reflect the opinion of Saxo Capital Markets or its affiliates.

Please read our disclaimers:
- Full Disclaimer (
- Analysis Disclaimer (
- Notification on Non-Independent Investment Research (

Saxo Capital Markets (Australia) Limited
Suite 1, Level 14, 9 Castlereagh St
Sydney NSW 2000

Contact Saxo

Select region


The Saxo trading platform has received numerous awards and recognition. For details of these awards and information on awards visit

Saxo Capital Markets (Australia) Limited ABN 32 110 128 286 AFSL 280372 (‘Saxo’ or ‘Saxo Capital Markets’) is a wholly owned subsidiary of Saxo Bank A/S, headquartered in Denmark. Please refer to our General Business Terms, Financial Services Guide, Product Disclosure Statement and Target Market Determination to consider whether acquiring or continuing to hold financial products is suitable for you, prior to opening an account and investing in a financial product.

Trading in financial instruments carries various risks, and is not suitable for all investors. Please seek expert advice, and always ensure that you fully understand these risks before trading. Saxo Capital Markets does not provide ‘personal’ financial product advice, any information available on this website is ‘general’ in nature and for informational purposes only. Saxo Capital Markets does not take into account an individual’s needs, objectives or financial situation. The Target Market Determination should assist you in determining whether any of the products or services we offer are likely to be consistent with your objectives, financial situation and needs.

Apple, iPad and iPhone are trademarks of Apple Inc., registered in the US and other countries. AppStore is a service mark of Apple Inc.

The information or the products and services referred to on this website may be accessed worldwide, however is only intended for distribution to and use by recipients located in countries where such use does not constitute a violation of applicable legislation or regulations. Products and Services offered on this website is not intended for residents of the United States and Japan.

Please click here to view our full disclaimer.