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Technical Update - JPY pairs testing key resistance levels, resuming uptrends? USDJPY, EURJPY, AUDJPY and GBPJPY
Kim Cramer Larsson
Technical Analyst, Saxo Bank
The USDJPY pair has rebounded to the 0.618 retracement and key resistance at around 149.20. If it is rejected and fails to close above, the pair could slide back to 148.15 possibly lower.
A daily close above 149.20 level indicates short-term potential to reach the February peak at around 150.84, with the 2022 peak at 151.95 also in sight.
The RSI is showing negative sentiment, suggesting that USDJPY is likely to be rejected at the 149.20 resistance. However, an RSI close above the 60 threshold would change this outlook
The EURJPY pair is breaking above the 0.618 retracement at 162.38. The RSI shows positive sentiment and has broken above its falling trendline, indicating that EURJPY is set to move higher.
If the RSI closes back above the 60 threshold, EURJPY is likely to break above the February peak at 163.72, with potential to reach 165.00-165.88.
If it fails to close above 162.38, EURJPY could slide back to between 161 and 160
AUDJPY is approaching key strong resistance and 0.618 retracement at around 98.20. A daily close above could fuel a rally towards February peak at 99 with potential up to 100
RSI is supporting the bullish view that AUDJPY will break higher.
If rejected at the resistance AUDJPY is likely to slide back to 97
GBPJPY is testing the 0.618 retracement at 190.04.
RSI is showing positive sentiment and has broken above its falling trendline indicating GBPJPY is likely to break above the 0.618 retracement and move higher.
If RSI is closing back above 60 threshold GBPJPY is likely to break above the February peak at 191.33 and move towards the 1.382 projection at 192.61.
A close below 187.85 will reverse the bullish scenario and push GBPJPY lower to 186.17
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