JPY Analysis

Technical Update Of Important JPY Pairs: 24.05.2017


Even after clearing the 111.70-75 horizontal-line, the USDJPY failed to extend it’s north-run and is presently re-testing the resistance-turned-support, breaking which it can visit 111.50 & the 111.00 round-figure. However, an upward slanting trend-line, at 110.50, may restrict the pair’s additional decline following 111.00 break, which if cleared can fetch prices to 110.00, 109.60 and the 109.30 consecutive rest-points. Meanwhile, 112.00, the 112.40 and the 112.60 TL-mark are likely nearby resistances that can confine the quote’s immediate advances. Should the pair manage to surpass 112.60, it becomes capable enough to challenge 113.15, 113.65 and the 114.00 north-side numbers.



Unlike USDJPY, the GBPJPY is expected to extend its latest recovery towards 145.75 and the 147.00 before targeting the 147.90 – 148.00 horizontal-line again. If Bulls propel the pair beyond 148.00 on a daily closing basis, the 149.20 and the 150.00 can entertain follow-on buyers while 151.20 could give rise to chances of its pullback. Should prices take a U-turn from present levels, the 144.50 and the 143.30 can act as adjacent stops prior to dragging them to 142.70 and the 50-day SMA level of 141.40. During the course of pair’s additional downside below 141.40, the 140.00 may offer a barrier ahead of the 138.30-20 region’s, comprising 200-day SMA and the seven-month old ascending trend-line, capacity to limit the south-run.



Following its four-day long recovery, the 50-day SMA level of 83.80 currently becomes important for AUDJPY traders to observe, breaking which the 84.20 and the 84.40-50 horizontal-line gains attention. Given the pair’s capacity to surpass 84.50, the 84.80 and the 100-day SMA level around 85.00 may please buyers, breaking which chances of the quote’s rally towards 85.80-85 can’t be denied. Alternatively, 83.10 and the 82.70 are likely supports that the pair can avail during its pullback, which if broken could extend the profit-booking in direction to 82.30, 81.80 and the 81.45 consecutive supports.



CHFJPY presently confronts the five-month old descending trend-line, at 114.80, which seems the only barrier for the pair to crack before it could revisit the 115.50. Should prices sustain their upward trajectory beyond 115.50, the 61.8% FE level of 116.10, the 116.80 and the 117.40 may be flashed on the chart. On the downside, a daily close below 114.20 can trigger the pair’s fresh pullback towards 113.70, 113.30 and the 112.85 while 100-day SMA level of 112.50 becomes crucial which can restrict its additional south-run. If at all Bears dominate the quote after 112.50 break, the 111.80 and the 111.50 can come in their radar.

Cheers and Safe Trading,
Anil Panchal