Technical Overview of USD/JPY, EUR/JPY, GBP/JPY & CHF/JPY: 08.08.2018

Technical Overview of USD/JPY, EUR/JPY, GBP/JPY & CHF/JPY: 08.08.2018


Having reversed from 112.15-20 horizontal-resistance, the USDJPY now rests on 50-day SMA level of 110.80, which if broken on a daily closing basis could further fetch the quote downwards to 110.55 and 110.25-20 support-zone. In case the pair refrains to respect the 110.20 mark, its plunge to 100-day SMA level of 109.55 and a consecutive south-run to 109.00 can be expected. Should prices take a U-turn from 50-day SMA, the 111.40 may offer immediate resistance to the pair before highlighting the 112.15-20 area again. However, a D1 close beyond 112.20 might not hesitate challenging the 112.70, the 113.15 and the 61.8% FE level of 113.75.


EURJPY’s BPC (Break-Pullback-Continuation) pattern is at test for now as the pair bounces off the 128.45-55 support-region. Given the pair extend its recovery, the 129.00, the 129.55 and the 130.00 round-figure may entertain the buyers before questioning their strength by the 130.65 trend-line. Also, pair’s successful trading above 130.65 might find multiple resistances near 131.00, the 131.50 and the 132.00 numbers. Alternatively, break of 128.45 can drag the pair to 127.90 and the 127.15 whereas 126.40 and 125.60 can please the sellers. Additionally, the 125.00 and the 124.60 are likely following figures to appear on the chart past-125.60 breach.


With the GBPJPY‘s dip beneath the 143.20-143.00 broad support-zone, the pair seems aiming the 142.00 and the 141.10-141.00 rest-points during its extra weakness. If the Bears keep ruling trade sentiments after 141.00, the 140.00 and the 139.30 may flash in their radar to target. Meanwhile, pair’s D1 close above 143.20 can help it revisit the 144.30 and the 145.25 resistances but the descending trend-line, at 146.20, could restrict its upside stretch. In case the pair surpassesĀ  the 146.20 TL, the 147.00, the 147.85 and the 148.25-30 resistance-confluence, comprising 200-day SMA & another downward slanting trend-line can raise troubles for the Bulls.


While break of 50-day SMA & near-term ascending trend-line dragged the CHFJPY to more than a week’s low, the 111.10 mark, encompassing the 100-day SMA, might confine the pair’s further declines. Given the pair’s sustained downturn below 111.10, the 110.80, the 110.25 and the 109.60 may gain market attention. On the upside clearance of 111.65-70 support-turned-resistance, the 112.20 & 112.60 can be considered as intermediate halts during the pair’s rise to 113.15-25 resistance-region. Moreover, pair’s successful trading past 113.25 can enable it to target the 61.8% FE level of 113.90 and the 114.00 round-figure.