Technical Overview of Important JPY Pairs: 12.12.2018

Anil Panchal
Technical Overview of Important JPY Pairs: 12.12.2018


Although USDJPY’s U-turn from 100-day SMA & support-line of short-term symmetrical triangle helped it cross 50-day SMA, the triangle-resistance, at 114.00, could challenge the pair’s strength. Given the buyers’ ability to surpass 114.00 barrier on a daily closing basis, the 114.55 and the 115.00 might entertain them before pleasing with 61.8% FE level of 115.30. On the contrary, 50-day SMA level of 113.00 and the 112.55 can offer immediate supports to the pair ahead of highlighting 112.35-30 support-confluence for one more time. If at all prices slid beneath 112.30, the 111.60, the 111.00 and the 110.65, comprising 200-day SMA, may flash on Bears’ radars to target.


EURJPY struggles between four-month old ascending trend-line and 50-day SMA, namely the 127.70 and the 128.90 levels, with 129.30 & 126.60 being follow-on numbers to watch in case of either side breaks. Let’s say comparative strength of JPY drag the pair beneath 126.60, then the 125.55, the 125.00 and the 124.60 may become sellers’ favorites. Alternatively, the 129.70-75 resistance-zone, including 200-day SMA & nearby downward slanting TL, can try limiting the pair’s rise past-129.30, failing to which may propel it to 130.00 and the 130.50 resistance-levels.


Having reversed from 50-day & 100-day SMA joint, the AUDJPY seems heading north to 82.50 & 83.00 but 83.90 and the 84.45-55 horizontal-area could confine the pair’s additional upside. Should Bulls refrain to respect the 84.55 hurdle, the 85.60 and the 86.00 may mark their presence on the chart. Meanwhile, D1 close below 81.20 SMA intersection can quickly fetch the quote to 80.40 and the 80.00 consecutive rest-points. During the pair’s extended south-run after 80.00, the 79.45, the 79.00 and the 78.55 might gain traders’ attention.


While 114.60 triggered the CHFJPY’s pullback, counter-trend traders may only have 113.50 to be happy with as adjacent support-line, at 112.95, and the 112.30-25 region, including 200-day SMA & seven-month long ascending trend-line, can trouble them afterwards. Given the pair drops below 112.25, the 111.70 and the 111.25 could play their roles of supports. In case prices surge beyond 114.60, the 114.90 and the 115.10-15 are likely levels to limit the pair’s advances, breaking which 115.60-65 may be targeted if holding long positions. Moreover, pair’s successful rise above 115.65 can escalate the rally to 116.00 and then to the 116.50 resistances.

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