Technical Overview of USD/JPY, CAD/JPY, NZD/JPY & CHF/JPY: 21.12.2017

USD/JPY

Having successfully cleared 50-day SMA level, the USDJPY seems all set to conquer short-term descending trend-line resistance-mark of 113.75, break of which could accelerate its latest recovery towards 114.00 and then to the 114.45-50. Given the quote manage to sustain its up-move beyond 114.50, November high around 114.75 might offer intermediate halt during its north-run in direction to 61.8% FE level of 115.40. On the contrary, the 113.00 – 112.90 region, comprising 50-day SMA, may confine the pair’s immediate downside before reigniting the importance of ascending trend-line support of 112.30. In case if the daily close number be lesser than 112.30, it becomes wise to expect the pair’s plunge to 100-day SMA level of 111.80.

CAD/JPY

Unlike USDJPY, the CADJPY recently took a U-turn from the 88.50-55 horizontal-resistance and the RSI is also overbought, which in-turn signals brighter chances for the pair’s pullback to 88.15 and then to the 87.90 adjacent supports. Should prices dip below 87.90, the 87.50 and an upward slanting TL figure of 87.30 might entertain sellers, break of which could push Bears to target 87.20 and the 86.70 rest-points. However, pair’s capacity to surpass 88.55 enables it to confront with 88.70 and the descending trend-line resistance of 88.90. If the pair conquers 88.90, also runs beyond 89.00 round-figure, the 89.30, the 89.80 and the 90.00 could please buyers.

NZD/JPY

Same as the CADJPY, the NZDJPY also struggles to clear near-term strong resistance-region, the 79.45-55, with the overbought RSI favoring probabilities of the pair’s U-turn to 100-day SMA level of 79.15. During the pair’s additional declines below 79.15, the 78.45 and the 50-day SMA level of 78.20 are likely following rests that it could avail ahead of aiming the 77.80, the 77.30 and the 76.90 consecutive supports. Meanwhile, a successful break of 79.55 could trigger the pair’s rise to 80.00 and then to the 80.60 but five-month old descending trend-line, at 81.00 now, may confine it’s advances then after. Given the Bull’s dominance over prices above 81.00, the 81.60-65 seems crucial to watch that holds the door for the pair’s rally to 82.00 and the 82.25 resistances.

CHF/JPY

Contrast to all other JPY pairs discussed above, the CHFJPY has already cleared five-month old descending trend-line resistance on a daily closing basis but has to cross the 115.30-35 mark to be eligible for meeting the 115.60 and the 116.00 north-side numbers. Though, pair’s additional upside beyond 116.00 needs to conquer 116.40-45 horizontal-line in order to flash 117.00 and the 117.75 on the chart. Alternatively, a daily close below 114.70 negates the pair’s breakout and may again fetch it to 100-day SMA level of 114.30, adjacent to the 114.10 mark including 50-day SMA. If at all the pair declines below 114.10, the 113.60, the 113.25 and the 112.95 are likely consequent levels to please the pessimists.

Cheers and Safe Trading,
Anil Panchal