Technical Update - EURUSD, USDJPY, EURJPY, AUDJPY & Dollar Index Technical Update - EURUSD, USDJPY, EURJPY, AUDJPY & Dollar Index Technical Update - EURUSD, USDJPY, EURJPY, AUDJPY & Dollar Index

Technical Update - EURUSD, USDJPY, EURJPY, AUDJPY & Dollar Index

Forex 4 minutes to read
Kim Cramer Larsson

Technical Analyst, Saxo Bank

EURUSD has bounced off its lower rising trendline just a few cents above the 0.786 retracemnt at around 1.0928.
RSI is still showing positive sentiment and if closing above 60 threshold the correction is likely to be over.

If EURUSD moves back above the 21 daily Moving Average the rebound could accelerate for EURUSD to test resistance at around 1.1147 which is also the 0.618 retracement.
A close above that level will most likely push EWURUSD to July peak at around 1.1275.

However, if EURUSD breaks below Friday low at 1.0943 a push to key support at around 1.0833 could be seen.
The rising 55 and 100 daily Moving Averages will offer some support, however.

Source all charts and data: Saxo Group

USDJPY bounced just above support at 137.85 and is at the time pof writing above 0.618 retracemtn at 1420.8.
A close above will mean USDJPY has resumed uptrend.

If RSI is then also closing above 60 threshold the uptrend will be confirmed with a likely move higher to test 145.
A close below 137.20 will demolish the uptrend scenario and send USDJPY down to around 135.55 level.

EURJPY Double Top pattern was confirmed but the selling pressure didn’t last long. A dip down to the 0.382 projection at around 151.49 seems to be all.

Now with EURJPY back above its lower rising trendline that was broken the Double Top pattern should be considered cancelled and EURJPY is likely to test the strong resistance at around 158.

If RSI closes back above 60 threshold and above its falling trendline 158 is likely to be broken. A move to the 1.382 projection at around 160.59 would then be in the cards

AUDJPY Spiked down to find support around the 100 and 200 Moving Averages, and the 0.50 retracement at 91.86.
Massive bounce above rising trendline AUDJPY seems set for uptrend to resume.

If breaking above its short-term upper falling trendline and RSI also closes above its falling trendline AUDJPY is likely to resume uptrend with potential to June peak around 97.67.

A close above 95.86 will confirm the uptrend scenario.
To demolish that scenario a close below 93.00

Dollar Index reached the 0.618 retracement at around 101.73 and the correction could be over. The Dollar Index could resume downtrend with support at around 100.32 and the 0.618 retracement at 100.23

However, a move up to the 0.786 retracement at 102.41 should not be ruled out. If the Dollar Index breaks above Friday peak at 101.83 it is likely to materialize.

That will not demolish the medium-term bearish trend however. A close above 103.28 would be needed to do that.
RSI is still showing negative sentiment and needs to close above 60 to reverse that


The Saxo 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 is not intended to and does not change or expand on this. 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 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 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 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 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 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 (

None of the information contained here constitutes an offer to purchase or sell a financial instrument, or to make any investments. Saxo does not take into account your personal investment objectives or financial situation and makes no representation and assumes no liability as to the accuracy or completeness of the information nor for any loss arising from any investment made in reliance of this presentation. Any opinions made are subject to change and may be personal to the author. These may not necessarily reflect the opinion of Saxo or its affiliates.

Saxo Capital Markets HK Limited
19th Floor
Shanghai Commercial Bank Tower
12 Queen’s Road Central
Hong Kong

Contact Saxo

Select region

Hong Kong S.A.R
Hong Kong S.A.R

Saxo Capital Markets HK Limited (“Saxo”) is a company authorised and regulated by the Securities and Futures Commission of Hong Kong. Saxo holds a Type 1 Regulated Activity (Dealing in Securities); Type 2 Regulated Activity (Dealing in Futures Contract); Type 3 Regulated Activity (Leveraged Foreign Exchange Trading); Type 4 Regulated Activity (Advising on Securities) and Type 9 Regulated Activity (Asset Management) licenses (CE No. AVD061). Registered address: 19th Floor, Shanghai Commercial Bank Tower, 12 Queen’s Road Central, Hong Kong.

Trading in financial instruments carries various risks, and is not suitable for all investors. Please seek expert advice, and always ensure that you fully understand these risks before trading. Trading in leveraged products may result in your losses exceeding your initial deposits. Saxo does not provide financial advice, any information available on this website is ‘general’ in nature and for informational purposes only. Saxo does not take into account an individual’s needs, objectives or financial situation. Please click here to view the relevant risk disclosure statements.

The Saxo trading platform has received numerous awards and recognition. For details of these awards and information on awards visit

The information or the products and services referred to on this site may be accessed worldwide, however is only intended for distribution to and use by recipients located in countries where such use does not constitute a violation of applicable legislation or regulations. Products and services offered on this website are not directed at, or intended for distribution to or use by, any person or entity residing in the United States and Japan. Please click here to view our full disclaimer.

Apple, iPad and iPhone are trademarks of Apple Inc., registered in the US and other countries. AppStore is a service mark of Apple Inc. Android is a trademark of Google Inc.