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Technical Update - Selling continues in JPY pairs. Find key levels here for USDJPY, EURJPY, AUDJPY and GBPJPY
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
USDJPY sell-off last week pushed the pair down below the 0.786 retracement at 156.13 but rebounded to close above. There was potential for further rebounding but so far it has failed. To resume uptrend a close above 158.85 is required.
Strength Indicator RSI is showing negative sentiment indicating another sell-off could hit USDJPY.
If USDJPY is breaking below the 18th July spike down – Do not think a close below is required - selling pressure is likely to have enough energy to push the pair to 154.54 possibly down to 153.60
EURJPY has now twice dipped below the 0.618 retracement and key support at around 170.61-170.54 only to close above. If EURJPY is breaking below the first spike down at 169.98 a sell-off is likely to push the pair down below the lower rising trendline to the 0.786 retracement at 169.21.
IF RSI is closing below 40 threshold it will shift to showing negative sentiment which can lad to additional selling pressure for EURJPY
AUDJPY has taken out its 19th ¨July trough and is close to be testing the 0.786 retracement at 104.06.
RSI is showing negative sentiment indicting lower AUDJPY levels are likely. A bearish push to key strong support at around 102.60 could be seen.
A daily close above 105.80 will demolish this bearish picture and likely lift the pair higher towards 107.50
GBPJPY is in a bearish trend currently trading around 202 and the 0.382 retracement of the June to July trend (red Fibonacci levels) after dipping twice down to the 0.618 retracement of the May to July bullish trend (blue Fibonacci levels)
If GBPJPY is taking out today’s low at 201.89 the selling pressure could intensify with a bearish move to support at around 198.30 to follow
RSI is still showing positive sentiment and if rebounding from 40 threshold GBPJPY could resume bullish trend.
For GBPJPY to resume uptrend a daily above 206.80 required. First indication of that scenario to play would be a break above 104.25 Latest Market Insights
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