Technical Checks For Important JPY Pairs: 28.12.2017

USD/JPY

With a month-old ascending trend-line and oversold RSI restricting USDJPY’s downturn, chances of the pair’s U-turn towards 113.10 and then to the 113.40 become brighter; however, six-week long downward slanting TL, at 113.60 now, might confine its additional upside. If the quote refrains to respect the 113.60 resistance, the 114.00 and the 114.35 might offer intermediate halts during its north-run to the November high around 114.75. Should the pair breaks trend-line support of 112.70, the 112.40 is likely a small barrier to give it a rest ahead of reigniting the importance of 112.00–111.95 horizontal-region. Given the pair’s sustained declines below 111.95, the 111.60, the 111.30 and the 110.80 may please sellers.

GBP/JPY

Alike USDJPY, the GBPJPY also bounced off an immediate TL support and may challenge the near-term important resistance-area of 151.95–152.00. In case if the pair surpasses 152.00 mark, it can quickly rise to 152.30 before targeting the 152.60 horizontal-line, which if broken enables it to claim early-month high of 153.40. Meanwhile, pair’s dip below 151.50 trend-line support can fetch it to 151.00 and the 150.40 prior to highlighting the 150.00 round-figure. During the pair’s extended south-run beneath 150.00, the 149.35 and the 148.80 could entertain the Bears.

CAD/JPY

CADJPY’s break of fifteen-week old descending trend-line provides a strong signal to expect the pair’s further upside towards the 90.00, the 90.45 and the 90.75 consecutive resistances. If prices continue rallying after 90.75, the 91.25 and the 91.65 might appear in Bulls radar. On the contrary, pair’s failure to sustain latest breakout, backed by a close below 89.10, may again drag it to 100-day SMA level of 88.75 while the 88.50 and the 88.00 can please traders then after. Additionally, the 87.40, ascending TL support-mark of 87.00 and the 200-day SMA level of 86.50 are likely following supports to watch if the pair drops below 88.00.

CHF/JPY

Even after showing noticeable strength since the week-start, CHFJPY’s advances might find it difficult to clear the 115.10-15 horizontal-area, which together with oversold RSI, can fetch the quote back to 114.85 and then to the 114.70 rest-points. Though, an immediate upward slanting trend-line, around 114.40 now, can limit the pair’s extended downside, failing to which can flash 114.25 and the 113.95 on the chart.  Alternatively, successful break of 115.15 enables the quote to quickly rise towards 61.8% FE level of 115.40 and then to the 115.70 resistance-levels. Moreover, pair’s further upside beyond 115.70 could help it challenge the 116.00, the 116.20 and the 116.40-45 consecutive north-side numbers.

Cheers and Safe Trading,
Anil Panchal