Yahoo Finance Technical Outlook of USD/JPY, EUR/JPY, CAD/JPY & CHF/JPY: 01.02.2018
USD/JPY
During its gradual recovery from 108.50, the USDJPY now aims to confront the 109.75-80 resistance-confluence, which if broken could trigger the pair’s upward trajectory towards 110.30 and then to the 110.50. Should prices continue rising beyond 110.50, the 111.00 and the 111.35 are likely numbers to appear on the chart. In case if the pair fails to surpass the 109.80, it can come back to 109.40 and to the 109.00 nearby supports prior to revisiting the 108.50 rest-point. Moreover, pair’s sustained trading below 108.50 makes it weaker enough to test 108.25 and the 61.8% FE level of 107.90.
EUR/JPY
EURJPY is also trying to clear the 136.30-35 horizontal-region that holds the gate for its north-run in direction to the 136.65, the 137.00 and the 61.8% FE level of 137.60. Given the quote’s successful up-moves above 137.60, the 137.90 and the 139.00 may please Buyers. On the downside, the 136.00 and the 135.30 can act as immediate supports for the pair, breaking which 135.00, 50-day SMA level of 134.20 and the ascending trend-line number of 133.80 seems important to watch. Further, pair’s extended downturn beneath 133.80 can raise hopes to see 133.00 and 132.20 as levels.
CAD/JPY
Having bounced from the 88.00 trend-line support, the CADJPY now confronts 100-day SMA level of 89.15, which if cleared on a daily closing basis could escalate the pair’s rise to 89.60 and then to the 90.00 resistances. During the pair’s additional advances beyond 90.00, the 90.40, the 90.80 and the 91.20 could offer intermediate halts to the prices ahead of making them conquer the 91.55-65 horizontal-area. Meanwhile, 88.45 could play the role of adjacent support for the pair, breaking which the 88.00 gains importance. Should the pair drops below 88.00 on a D1 close, it can plunge to another trend-line support of 87.35 and then to the 87.15 before looking at 86.70 mark.
CHF/JPY
Considering the CHFJPY’s successful break of 116.35-45 area, the pair seems capable enough to claim the 117.85-90 resistance; however, its following upside may be capped by overbought RSI and strength of the resistance-line. If the pair surpasses 117.90, the 118.20, the 118.60 and the 61.8% FE level of 119.30 may appear in Bulls’ radars. Alternatively, pair’s D1 close below 117.00 can again fetch it to the 116.45-35 but a short-term ascending trend-line, at 115.75, may limit its further downside. Given the quote’s break of 115.75, it becomes vulnerable to revisit the 115.10 and the 114.80-70 zone that comprises 50-day & 200-day SMA.
Cheers and Safe Trading,
Anil Panchal
This article was originally posted on FX Empire
