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Technical Update - JPY pairs pushing higher. USDJPY, EURJPY, AUDJPY and GBPJPY Technical Update - JPY pairs pushing higher. USDJPY, EURJPY, AUDJPY and GBPJPY Technical Update - JPY pairs pushing higher. USDJPY, EURJPY, AUDJPY and GBPJPY

Technical Update - JPY pairs pushing higher. USDJPY, EURJPY, AUDJPY and GBPJPY

Forex 4 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank Group

Summary:  JPY pairs are pushing higher following break of key resistance levels.
USDJPY could test 2022 peak at 152
EURJPY has potential to 163-164 area
AUDJPY eyeing 2022 peak at 98.55
GBPJPY struggling around 189-190 but could move to 191.25

USDJPY seems to be bouncing from the now support at 149.75.The pair is in an uptrend with potential to test the 2022 peak around 152.
RSI is in positive sentiment with no divergence supporting the bullish picture for USDJPY
If USDJPY breaks below Thursday low at 149.50 the key support at 148.80 is likely being tested  

A close below 148.80 could hit USDJPY with a sell-off down to around 147.50
Source all charts and data: Saxo Group

EURJPY is testing minor resistance at around 161.90 but seems likely to break higher in a move that could take the pair to the 1.382 projection at 163.30 but could move as high as to the 1.618 projection at 164.21 possibly testing the November 2023 peak at around 164.30.
Positive sentiment on RSI supporting the bullish outlook . A close below 160.40 will demolish that

AUDJPY has broken higher after closing above 97.81. RSI is back above the 60 threshold i.e., in positive sentiment supporting higher AUDJPY levels. A test of the 2022 peak at around 95.55 is in the cards

A close below 97.00 will demolish the bullish scenario

GBPJPY is experiencing volatility around the 189-190 area. Dipped yesterday below 188.65 only to close above indicating a bullish underlying strength.

The positive sentiment on RSI is supporting the bullish picture that could take the GBPJPY to the 1.618 projection at 191.25

A close below 187.85 is likely to reverse the bullish trend. A break below the lower rising trendline could be first warning sign of this scenario to play out 

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