Technical Update - JPY pairs rebounding. Find the upside potential here

EURJPY rebounded just before it touched the strong support at around 164.64-164.00. a rebound that is likely to take EURJPY to the 0.382 retracement at 168.88.

However, the strength indicator RSI is showing divergence indicating the sell-off has exhausted and EURJPY could push higher towards the rising trendline and strong resistance at around 171.47.

An RSI close above 60 threshold will support the scenario of EURJPY pushing to 171.47

If EURJPY slides back dropping below today’s low at 166.15 the support area 164.64-16.00 is likely to be tested

AUDJPY spiked below the 200 Ma and the minor support at 99.91 to bounce just above strong support at around 98.73.
Now back above the rising trendline AUDJPY is likely to bounce further to the 0.682 retracement at 103.10.

A daily close above will mean that AUDJPY has close back above the 100 Moving Average indicating likely further rebound potential.

An RSI close back above 60 threshold will confirm that scenario to play out If that scenario plays out with upside potential to 105.50

However, if moving back below 99.90 the support at around 98.73 is likely to be tested.

GBPJPY rebounded from the rising trendline and the support at around 197.65 after spiking below few times.

A rebound to the 0.382 retracement at 100.55 is likely. However, there could be upside potential to at the 0.618 retracement at 203.46, if RSI closes above 60 threshold thereby back showing positive sentiment.

If GBPJPY takes out last week’s low at 195.85 there would be downside potential to 193.40-191.35