Technical Update - JPY pairs on the move: AUDJPY, CADJPY, EURJPY, GBPJPY, NZDJPY & USDJPY Technical Update - JPY pairs on the move: AUDJPY, CADJPY, EURJPY, GBPJPY, NZDJPY & USDJPY Technical Update - JPY pairs on the move: AUDJPY, CADJPY, EURJPY, GBPJPY, NZDJPY & USDJPY

Technical Update - JPY pairs on the move: AUDJPY, CADJPY, EURJPY, GBPJPY, NZDJPY & USDJPY

Forex 4 minutes to read
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  JPY pairs are on the move nearing key resistance levels.

Today's Saxo Market Call podcast.
Today's Market Quick Take from the Saxo Strategy Team

AUDJPY  seems to be trying to have another go at the key resistance at around 93.00. Resistance at around 93 is strong with both 100 daily coming down (below93.00) and the 200 SMA providing resistance.
RSI is showing positive sentiment indicating higher AUDJPY however, and a close above 93.00 is likely to lead to a rally to next resistance at round 95.40.
For AUDJPY to reverse this bullish scenario a close below 90. Is likely to initiate a sell-off down to strong support at around 87.90

Source all charts and data: Saxo Group

CADJPY has broken bullish out its falling wedge like pattern and has established a short-term uptrend. The Pair looks set for a test of the 0.382 retracement and resistance at around 101.00.
RSI is close to switch to positive sentiment (if closing above 60).
A CADJPY close above 101 is likely to add to the bullish sentiment for a move to the 0.618 retracement at around 104.35.
For CADJPY to reverse this uptrend a close below 95.94. A break below the upper falling trendline in the falling wedge would be first warning of this scenario to play out.

EURJPY is forming an Ascending triangle like pattern. Break out needed for direction. However, EURJPY is likely to test strong resistance at around 143. A close above is likely to fuel a rally to strong resistance at around 146.40
A close below 139.55 will reverse the possible bullish scenario and is likely to push EURJPY down to support at 137.35

GBPJPY seems range bound between 161.80 and 155.35. However, even if GBPJPY breaks above upper band there is strong overhead resistance. The 55 daily SMA is declining providing some resistance. Add to that the 100 and 200 daily SMA’s around 163 will also add to the resistance picture. However, If GBPJPY can close above 161.80 RSI AND RSI is closing above 60 threshold there could be energy for a move to around 167.00
A close below 155.35 is likely to fuel a sell off down to around 150-148 i.e., September 2022 trough.  

NZDJPY is breaking bullish out of its Flag pattern correction and seems set for at test of key strong resistance at around 85. A close above is likely push RSI to close above 60 threshold i.e., showing positive sentiment thus giving energy to a rally towards December peak around 88.
If NZDJPY retraces back below 82.30 the potential bullish move is demolished and a retest of support around 80.70 is likely to be tested.

USDJPY is testing key resistnace at around 132.90. A close above will confirm short-term uptrend with potential to a move toa round 136.55-137.85. 100 and 200 daily SMA will provide overhead resistance.
IF USDJPY closes above 133 RSI is likely to close above 60 threshold i.e., in a positive sentiment supporting the bullish view.
For USDJPY to demolish and reverse this scenario a drop back below 129.75 is needed.


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.