Technical Update - USDJPY, EURJPY and AUDJPY still above key supports. Resuming uptrend? Technical Update - USDJPY, EURJPY and AUDJPY still above key supports. Resuming uptrend? Technical Update - USDJPY, EURJPY and AUDJPY still above key supports. Resuming uptrend?

Technical Update - USDJPY, EURJPY and AUDJPY still above key supports. Resuming uptrend?

Forex 3 minutes to read
Kim Cramer Larsson

Technical Analyst, Saxo Bank Group

Summary:  USDJPY still holding on above the Cloud area and above 146
EURJPY bouncing from key support at 158.55 and AUDJPY from 95.88. Both could be resuming uptrend

USDJPY failed to test strong resistance at around 149.75 and has since been sliding lower to the upper part of the Cloud just a few cents above the 0.382 retracement at around 145.54.
RSI still in positive sentiment with no divergence and USDJPY still above the 55 and 200 DMA indicating USDJPY could resume uptrend.
However, the 55 DMA is declining and USDJPY is below the 100 DMA suggesting the JPY cross could be caught range bound between 145 and 148 for foreseeable future i.e., next few days to a week.

If USDJPY is breaking below 55 DMA selling pressure could take it down to the 0.618 retracement at 143.52

A close above 148.80 is likely to fuel a rally back to 2022 peak around 152. Resistance at 148.80

Source all charts and data: Saxo Group
EURJPY after penetrating support at 158.55 the Yen cross bounced back to close above. EURJPY also closed back above the Cloud and the 100 DMA.
RSI is still in positive sentiment with no divergence indicating that what we are witnessing is merely just a correction and EURJPY is likely to resume uptrend.

A continued bounce to resistance at 0.786 retracement around 161 seems likely. A close above 161 could fuel a rally to 163.32-164.21

A daily close below 158.55 could very likely force EURJPY to test lower rising trendline, possibly also the 200 DMA

AUDJPY dipped just below key strong support at around 95.80 and the lower rising trendline only to  close well above, and above the Cloud. 
RSI also closed above the 40 threshold.  

AUDJPY could test the January peak area around 97.81. A close above combined with an RSI close above 60 threshold is likely to fuel a rally to break the 2022 peak at around 95.55.

A close below 95.80 will establish and confirm bearish trend


The Saxo Bank Group entities each provide execution-only service and access to Analysis permitting a person to view and/or use content available on or via the website. This content is not intended to and does not change or expand on the execution-only service. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Saxo News & Research and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Saxo News & Research is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Saxo News & Research or as a result of the use of the Saxo News & Research. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. Saxo News & Research 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. To the extent that any content is construed as investment research, you must note and accept that the 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 under relevant laws.

Please read our disclaimers:
- Notification on Non-Independent Investment Research (
- Full disclaimer (

Saxo Markets
40 Bank Street, 26th floor
E14 5DA
United Kingdom

Contact Saxo

Select region

United Kingdom
United Kingdom

Trade Responsibly
All trading carries risk. To help you understand the risks involved we have put together a series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. Read more
Additional Key Information Documents are available in our trading platform.

Saxo Markets is a registered Trading Name of Saxo Capital Markets UK Ltd (‘SCML’). SCML is authorised and regulated by the Financial Conduct Authority, Firm Reference Number 551422. Registered address: 26th Floor, 40 Bank Street, Canary Wharf, London E14 5DA. Company number 7413871. Registered in England & Wales.

This website, including the information and materials contained in it, are not directed at, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in the United States, Belgium or any other jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation.

It is important that you understand that with investments, your capital is at risk. Past performance is not a guide to future performance. It is your responsibility to ensure that you make an informed decision about whether or not to invest with us. If you are still unsure if investing is right for you, please seek independent advice. Saxo Markets assumes no liability for any loss sustained from trading in accordance with a recommendation.

Apple, iPad and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc. Android is a trademark of Google Inc.

©   since 1992