Japanese Yen, USD/JPY, AUD/JPY, CAD/JPY, EUR/JPY – Technical Forecast
- The Japanese Yen principally consolidated this previous week
- USD/JPY merchants should be cautious of BoJ intervention
- AUD/JPY, CAD/JPY, EUR/JPY face key trendlines
USD/JPY Technical Outlook – Impartial
The US Greenback continues to mark time in opposition to the Japanese Yen, with USD/JPY idling across the 144.99 – 145.90 resistance zone. For these buying and selling this foreign money pair, please perceive that the Japanese authorities has been intervening to prop up the Yen within the wake of an more and more stronger US Greenback. As such, a breakout above this zone should be handled with a grain of salt. One minute, the pair could be surging. The opposite, the Financial institution of Japan may step in to power a ceiling. Within the occasion of a flip decrease, maintain an in depth eye on the 20-day Easy Transferring Common. Under that, key help appears to be round 142.10.
Chart Created in TradingView
AUD/JPY Technical Outlook – Barely Bearish
The Australian Greenback closed at its lowest in opposition to the Japanese Yen since early August. That stated, AUD/JPY was unable to clear the September 28th low at 92.12. Nonetheless, a bearish Dying Cross between the 20- and 50-day Easy Transferring Common appears to be simply across the nook. This will provide a draw back bias. Additional losses would quickly place the give attention to the 200-day line. This might reinstate the broader upside focus. If not, a bounce would place the give attention to the 20- and 50-day SMAs. Additional breaking above these may provide bullish potential. Within the meantime, the technical bias appears barely tilted decrease.
Chart Created in TradingView
CAD/JPY Technical Outlook – Impartial
The Canadian Greenback has been idling in opposition to the Japanese Yen. However, CAD/JPY’s uptrend stays in play. The rising trendline from Might appears to be guiding the pair increased over the previous few months. As such, this help may maintain within the coming classes, sustaining the upside focus. That might place the give attention to the 107.21 – 107.64 inflection zone earlier than the September excessive at 110.59 kicks in. However, a breakout underneath instant help at 104.57 opens the door to a bearish pivot in the direction of the 101.42 – 102.14 vary from August.
Chart Created in TradingView
EUR/JPY Technical Outlook – Impartial
The Euro additionally appears to be in a impartial state in opposition to the Japanese Yen. EUR/JPY was unable to breach the vital 144.25 – 145.63 resistance zone final week. That despatched costs decrease into the top of final week, leaving the pair dealing with rising help from August. As such, this trendline may maintain, sustaining the pair’s consolidation since June. A breakout decrease would seemingly provide a bearish pivot, exposing the September low at 137.37. In any other case, a breakout above the resistance zone above exposes the 78.6% Fibonacci extension at 146.98.
Chart Created in TradingView
— Written by Daniel Dubrovsky, Strategist for DailyFX.com
To contact Daniel, use the feedback part beneath or@ddubrovskyFXon Twitter
DailyFX offers foreign exchange information and technical evaluation on the tendencies that affect the worldwide foreign money markets.
