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Technical Update - USDJPY bouncing from support. EURJPY correction could be over and new highs in the cards Technical Update - USDJPY bouncing from support. EURJPY correction could be over and new highs in the cards Technical Update - USDJPY bouncing from support. EURJPY correction could be over and new highs in the cards

Technical Update - USDJPY bouncing from support. EURJPY correction could be over and new highs in the cards

Forex 2 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank Group

USDJPY is bouncing from support. 145.30 resistance is key. 
EURJPY seems ready to break out of corrective flag pattern. If it does 150 is in the cards

  

USDJPY is bouncing from the 0.618 retracement of the uptrend since August around 138.62 now  testing 0.382 retracement of the sell-off at 141.93.
RSI has broken above its falling trendline and USDJPY could bounce to test the 0.618 retracement at 144.57.
If USDJPY closes above resistance at 145.30 it is likely to look for new highs.
If the rebound fizzles and USDJPY drops below 137.65 support at 135.86 is likely to be tested and the possibly also the 0.786 retracement at 135.
Source: Saxo Group

EURJPY seems to be trading in a corrective falling like pattern – also called a Flag.
RSI is set to close above its falling trendline and if it does we could see EURJPY testing the upper trend line in the Flag. A close above that trendline could fuel another rally higher towards 150.64- 151.70. a level not seen since 2008.
A close above 147.11 will confirm that bullish scenario.

IF EURJPY instead slides lower closing below 142.50 there could be down side potential to around 139 with support around 141.

Source: Saxo Group

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