Technical Overview of USD/JPY, CAD/JPY & NZD/JPY: 29.03.2018
USDJPY’s recent pullback from resistance-turned-support indicate brighter chances for the pair’s extended recovery towards the 107.00 and then to the 107.30 immediate resistances; however, its following advances have to conquer the 107.85-90 horizontal-line in order to aim for the 108.40 and the 108.80 north-side numbers. Alternatively, pair’s dip below 106.40 support-line may drag it to 106.00 before highlighting the 105.80 ascending TL. Should prices continue declining after 105.80, the 105.30, the 105.10 and the 104.60 are likely consecutive rests that can be availed while being short.
Even if short-term ascending trend-channel favors the CADJPY’s gradual upside, resistance-line of the channel, at 82.90 now, could trigger the pair’s U-turn towards 82.30 and to the 82.00. If the quote stretches its correction beneath the 82.00, the 81.60 and the 81.25, comprising channel-support, gain sellers’ attention whereas break of 81.25 may fetch the pair to 80.80 and 80.50 supports. Meanwhile, pair’s successful trading beyond 82.90 can activate its rise to 83.50 ahead of confronting the 83.75-80 horizontal-line. Given the pair’s ability to surpass the 83.80 mark, the 84.45, the 84.80 and the 85.25 can please the buyers.
Notwithstanding the NZDJPY’s reversal from 77.05-10 nearby resistance-region, the pair is still trading above immediate TL support, at 76.55, which in-turn backs its another attempt to challenge the 77.05-10 area. If the pair manages to break 77.10, the 77.55 and the 78.00, encompassing two downward slanting trend-lines, seem crucial to watch, which if broken could escalate its north-run to the 78.30, the 78.60 and the 79.00 resistances. On the downside, break of 76.55 may reprint 76.40 and the 76.00 on the chart while its further drop below 76.00 can have 75.70, the 75.50 and the 61.8% FE level of 75.25 as supports.
Cheers and Safe Trading,