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Technical Overview Of Important JPY Pairs: 29.11.2017

By:
Anil Panchal
Updated: Nov 29, 2017, 15:33 UTC

USD/JPY Ever since the USDJPY dropped below the 100-day & 200-day SMA confluence, around 111.60-70, the pair’s up-moves have been confined by the same

Technical Overview Of Important JPY Pairs: 29.11.2017

USD/JPY

usdjpy

Ever since the USDJPY dropped below the 100-day & 200-day SMA confluence, around 111.60-70, the pair’s up-moves have been confined by the same region that now has an additional back-up of three-week old descending TL; however, the 110.90–111.00 horizontal-area has been successfully limiting the pair’s downturn. Hence, the 110.90 & 111.70 can be considered as strong levels to determine the quote’s near-term trend. Given the pair’s break of 111.70, it can quickly rise to 112.20, the 112.50 and the 50-day SMA level of 112.80 while its follow-on advances may aim for 113.30 and the 113.70 resistances. Alternatively, price-dip below 110.90 can avail 110.70-65 as adjacent support, break of which can further drag the pair to 110.30 and then to the 109.70.

GBP/JPY

gbpjpy

Following its U-turn from October lows, the GBPJPY managed to neglect the near-term downward slanting trend-line and is now heading towards the 150.00 round-figure with 149.65 being an immediate barrier to surpass. Should the pair continue trading up post-150.00 break, the 150.30, the 150.80 and a bit broader TL resistance, near 151.10, could gain buyers’ attention. In case if the pair fails to sustain latest recovery, the resistance-turned-support line, at 148.75, should be observed carefully, break of which can reignite the importance of 148.00 and the 147.55-60 horizontal-line. Moreover, pair’s extended south-run beneath 147.55 has to clear the October low of 146.90 in order to flash 146.50 and the 145.75 on the chart.

CAD/JPY

cadjpy

Even as eleven-week long descending trend-channel portrays the CADJPY’s downturn, support-line of the formation and 200-day SMA level, around 86.20-15, may challenge presently ruling sellers; though, chances of the pair’s decline to 86.50 can’t be denied. If at all the Bears keep directing prices below 86.15, it may not be a surprise to witness 85.40 and 85.00 as rest-points. Meanwhile, the 87.40 and the 88.00 can entertain buyers during the pair’s pullback, breaking which 88.30 may offer an intermediate halt to the up-moves before making them confront the channel-resistance and 100-day SMA confluence-zone of 88.70-75. Furthermore, pair’s successful break of 88.75 could open the door for its northward trajectory targeting 89.55 and the 90.00 round-fiigure.

CHF/JPY

chfjpy

CHFJPY has been struggling with an ascending trend-line support since mid-month. As a result, chances of the pair’s pullback to 113.80 seem gaining acceptance but its rally beyond the same becomes doubtful unless the downward slanting TL, at 114.15, and 50-day SMA level of 114.60, aren’t broken. Given the quote’s ability to rise above 114.60, it can claim 115.00 and the 115.40 resistances. On the downside, a daily closing below 113.00 can activate the pair’s decline to 112.60 and then to the 112.00 while 111.50 and the 111.00 may please the sellers then after. If at all the 111.00 refrains to hold the pair’s south-run, the 110.50 & 110.00 may appear in Bears’ radar.

Cheers and Safe Trading,
Anil Panchal

About the Author

An MBA (Finance) degree holder with more than five years of experience in tracking the global Forex market. His expertise lies in fundamental analysis but he does not give up on technical aspects in order to identify profitable trade opportunities.

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