Technical Update - USDJPY and EURJPY pushing higher. AUDJPY and GBPJPY caught range bound? Technical Update - USDJPY and EURJPY pushing higher. AUDJPY and GBPJPY caught range bound? Technical Update - USDJPY and EURJPY pushing higher. AUDJPY and GBPJPY caught range bound?

Technical Update - USDJPY and EURJPY pushing higher. AUDJPY and GBPJPY caught range bound?

Forex 4 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank Group

  • USDJPY continues its bullish trend following a breakout last week, now targeting 155-156 levels. Positive RSI sentiment supports the trend 
  • EURJPY rebound from supports. Could be caught range bound 165.18-162.30. Technical indicator is supporting higher levels however 
  • AUDJPY bounced from Fibonacci retracement and seems likely to resume uptrend. Potential to 161.60 
  • GBPJPY once again bounced from support at 190. Likely to struggle for bullish momentum and could be caught range bound next few days possible weeks


USDJPY
has maintained its strong upward momentum after breaking out of its recent trading range last week.
The pair is now trading above the 1.618 Fibonacci projection of the February-March correction, pointing to further potential gains.

The immediate target lies at the 2.00 projection at 155.30, as indicated by two vertical blue arrows. Additionally, an extension towards 156.36 remains a viable possibility, given the current bullish dynamics.

The RSI positive sentiment and no signs of divergence i.e., no indication of trend exhaustion is supporting the bullish outlook. This alignment between the price movement and RSI suggests that the upward trend in USDJPY is robust and could continue without immediate reversal signals.

Source all charts and data: Saxo Group

EURJPY has bounced from the lower rising trendline and support around 162.30-162.60. 

Currently testing the 0.618 retracement at 164.07 EURJPY seems likely to move higher in coming days and week.

A daily close above 165.18 could trigger a rally towards the 166.30 to 167 range
A daily close below 162.30 could initiate a decline down to around 160.38

RSI divergence suggests that while the current trend is up, EURJPY might struggle to reach new highs, indicating potential exhaustion in buying momentum.
However, if RSI is closing back above 60 threshold and above its upper falling trendline it could be a sign of renewed buying that could push the pair higher

AUDJPY has bounced from the 0.786 retracement at 98.74 and seems likely to resume its uptrend.

The RSI is showing positive sentiment with no divergence, supporting a continued bullish move that could take the pair to the 1.382 projection at 101.60.

However, a close below 98.74 will reverse the bullish trend, and a bearish move to strong support at around 98.20 is likely.

GBPJPY once again bounced from the 0.618 retracement at 190.08.

However, GBPJPY could be caught range-bound between 190.00-193.50 for the next few days.

A breakout is needed for direction. A bullish breakout is likely supported by RSI is showing positive sentiment with no divergence leading to a move to the 1.618 projection at 195.90, around the 2015 peak.

Conversely, a bearish breakout is likely to push GBP/JPY down to strong support at around 187.86.

.

Disclaimer

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 (https://www.home.saxo/legal/niird/notification)
- Full disclaimer (https://www.home.saxo/en-gb/legal/disclaimer/saxo-disclaimer)

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