Yahoo Finance Important JPY Pairs’ Technical Update: 04.04.2018
USD/JPY
With a week-long descending trend-line aptly restricting the USDJPY’s latest recovery, the pair seems well inclined to re-test an upward slanting TL support, at 105.75 now, breaking which it can decline to 105.25 and then to the 105.00 round-figure. Though, 104.60 could restrict the quote’s additional downside, failing to which can highlight 61.8% FE level of 104.10. On the upside, aforementioned trend-line number of 106.70 may keep disappointing the short-term buyers, which if broken could escalate the pair’s moves towards 107.20 and 107.65 while 107.85-90 horizontal-line could limit the pair’s follow-on rise. In case if the pair clears 107.90 mark, the 108.40, the 108.90 and the 109.20 can reappear on the chart.
EUR/JPY
Having failed to justify its bounce off the 130.00–129.95 support-zone, the EURJPY is again indicating the same region re-tests; however, 129.40-35 horizontal-area may confine the pair’s further south-run, if not then 128.80 & 128.20 can please the sellers. Alternatively, three-week old descending trend-line, around 131.40, can be considered as nearby important resistance for the pair to break in order to aim for 131.80 and the 50-day SMA level of 132.20. Should prices continue advancing after 132.20, chances of witnessing 133.00 as a level can’t be denied.
GBP/JPY
Even if a month-long ascending trend-channel favors the GBPJPY’s up-moves, the pair presently signals its drop to channel-support of 148.50 but the JPY Bulls’ refrain to respect the 148.50 mark can well drag it in direction to 148.00, 147.60 and the 147.00 consecutive rest-points. Meanwhile, the 150.10 may act as adjacent resistance for the pair, breaking which 150.50, the 150.75-85 horizontal-line and the 151.25, comprising channel’s upper-line, could gain optimists’ attention. Moreover, quote’s sustained trading above 151.25 can help registering the 152.00 and the 152.80 landmarks.
NZD/JPY
While a fortnight old downward slanting trend-line recently triggered the NZDJPY’s pullback, the 77.10–77.00 may become immediate rest for the pair. Given the price-dip below 77.00, the 76.55 and the 76.20 should be observed closely as break of which can fetch the pair to the 75.90, the 75.50 and then to the 61.8% FE level of 74.55. If buyers’ take control of the sentiment and manage to conquer the 77.70 trend-line resistance, the 78.00, the 78.30 and the 78.60 might be their favorites. Also, pair’s successful breach of 78.60 can open the door for its upward trajectory to 79.00 and the 79.30 resistances.
Cheers and Safe Trading,
Anil Panchal
This article was originally posted on FX Empire
