Technical Update - USDJPY, EURJPY, AUDJPY and GBPJPY: Will strong rebound turn to bullish trend? Technical Update - USDJPY, EURJPY, AUDJPY and GBPJPY: Will strong rebound turn to bullish trend? Technical Update - USDJPY, EURJPY, AUDJPY and GBPJPY: Will strong rebound turn to bullish trend?

Technical Update - USDJPY, EURJPY, AUDJPY and GBPJPY: Will strong rebound turn to bullish trend?

Forex 3 minutes to read
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  JPY crosses bouncing strongly following last week’s sell-off. Uptrends could resume but keep an eye on support levels

USDJPY has bounced strongly from strong support at around 141.55 currently testing the 0.786 retracement at 146.24 of last week’s sell-off.
The bounce could continue to test resistance at around 147.50

RSI is at the time of writing breaking above its falling trendline and above 40 threshold suggesting the sell-off in USDJPY is done. RSI is however, still in negative sentiment also pointing to lower levels. USDJPY is truly in a bit of a limbo

If USDJPY is closing above 147.50 a move to key resistance at around 149.75 and 0.786 retracement is in the cards. A close above 149.75 will confirm bullish trend with potential to take out 151.95 peak.

However, there is strong overhead resistance with the 55 DMA coming down and the Cloud area laying just above the 147.50 level. If USDJPY is sliding back below 144.75 the support at around 141.55 could come under pressure

Source all charts and data: Saxo Group

EURJPY spiked below 200 DMA to the support at around 153.08 to bounce to close back above 155.52. The rebound is continuing today with EURJPY testing the rising trend line from underside and the resistance at around 157.70. a close above 157.70 could extend the rebound to the 0.618 retracement at around 159.67.

A close above 159.70 the uptrend has resumed.

However, RSI is still showing negative sentiment and no divergence suggesting the bearish move could resume. If EURJPY is breaking back below 155.50 the 153.08 support is likely to come under pressure once again, and likely taken out

AUDJPY bounced strongly from just above the 200 DMA and support around 93.58.
Currently above the Cloud and if EURJPY closing above 96.10 further upside to the 0.618 at 96.68 and even to the 0.786 retracement at 97.50 could be seen  

If AUDJPY is sliding back below 94.90 downtrend is resuming and could test the 93.58 support once again. IF that scenario plays out expect a move down to 92.80

GBPJPY has bounced back above the Cloud (Shaded area) and the 110 and 55 DMA’s. The bounce seems likely to continue to the 0.618 retracement at around 184.80 and resume uptrend.

If closing above 184.80 a move to previous peak around 188.80 is in the cards.

If GBPJPY is sliding back below the Cloud support at 181.07 is being testing. A close below downtrend is resuming with a potential bearish move to 176.25

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.