Technical Update - USDJPY, EURJPY, GBPJPY & AUDJPY – Are the corrections over? Technical Update - USDJPY, EURJPY, GBPJPY & AUDJPY – Are the corrections over? Technical Update - USDJPY, EURJPY, GBPJPY & AUDJPY – Are the corrections over?

Technical Update - USDJPY, EURJPY, GBPJPY & AUDJPY – Are the corrections over?

Forex 4 minutes to read
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  Corrections in JPY pairs could have come to an end.
USDJPY correction seems stretched very short-term and a bounce should be expected.
EURJPY and GBPJPY is testing and seem to bounce from support levels. If taken out the correction mode is very likely to continue
AUDJPY bounce seems strong and could lead to uptrend resuming

USDJPY sell-off has taken the pair below 0.382 retracement down in the consolidation area between 138.80 and 137.85. Just trading around the upper part of the Cloud (Shaded area)
Bears could try to push USDJPY lower towards the 137.36 and the 100 and 200 Moving Average’s

RSI below 40 threshold is indicating lower levels but a move down to the 0.618 retracement would be a bit of a stretch. However, it should not be ruled out if USDJPY is being pushed below 137.80

If USDJPY bounces back above 139 it could continue back above 140 possibly to the 0.382 retracement at 140.74. However, if USDJPY can move back above 142.25 uptrend should be considered resuming.

Source all charts and data: Saxo Group

EURJPY seems to be bouncing from the 0.50 retracement of the last leg up in June at 153.31 and from the lower rising trendline.
A 0.618 retracement bounce at 156.20 could been seen.

However, if EURJPY breaks below the lower trendline a sell-off down to around 150.65 i.e., the 0.382 and 0.786 retracements is in the cards

RSI is still in positive sentiment and needs to close below 40 to change that. The RSI divergence is still intact but if RSI closes back above the 60 threshold GBPJPY uptrend is likely to resume.


GBPJPY seems to be bouncing from lower rising trendline just around the minor support at 179.92.

A break below today’s low a 179.45 GBPJPY could drop to support and 0.382 retracement at around 174.20.
If GBPJPY can crawl back above its 21 daily Moving Average and above 182.50 uptrend is likely to resume with potential to 185-189

RSI is still in positive sentiment and needs to close below 40 to change that. Despite the divergence if RSI closes back above 60 threshold GBPJPY uptrend is likely to resume.

AUDJPY has bounced strongly from support at and 0.382 retracement at around 93.20
RSI has bounced off the 40 threshold and is still in positive sentiment.
There is no RSI divergence indicating AUDJPY is likely to resume uptrend and move back to June highs

A close below 93.18 is likely to send AUDJPY down to around 91.85

Quarterly Outlook 2024 Q3

Sandcastle economics

01 / 05

  • Macro: Sandcastle economics

    Invest wisely in Q3 2024: Discover SaxoStrats' insights on navigating a stable yet fragile global economy.

    Read article
  • Bonds: What to do until inflation stabilises

    Discover strategies for managing bonds as US and European yields remain rangebound due to uncertain inflation and evolving monetary policies.

    Read article
  • Equities: Are we blowing bubbles again

    Explore key trends and opportunities in European equities and electrification theme as market dynamics echo 2021's rally.

    Read article
  • FX: Risk-on currencies to surge against havens

    Explore the outlook for USD, AUD, NZD, and EM carry trades as risk-on currencies are set to outperform in Q3 2024.

    Read article
  • Commodities: Energy and grains in focus as metals pause

    Energy and grains to shine as metals pause. Discover key trends and market drivers for commodities in Q3 2024.

    Read article

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 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 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 (
- Full disclaimer (

Business Hills Park – Building 4,
4th Floor, office 401, Dubai Hills Estate, P.O. Box 33641, Dubai, UAE

Contact Saxo

Select region


Trade responsibly
All trading carries risk. Read more. 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

Saxo Bank A/S is licensed by the Danish Financial Supervisory Authority and operates in the UAE under a representative office license issued by the Central bank of the UAE.

The content and material made available on this website and the linked sites are provided by Saxo Bank A/S. It is the sole responsibility of the recipient to ascertain the terms of and comply with any local laws or regulation to which they are subject.

The UAE Representative Office of Saxo Bank A/S markets the Saxo Bank A/S trading platform and the products offered by Saxo Bank A/S.