Technical Overview USD/JPY, EUR/JPY & CAD/JPY: 08.09.2017

USD/JPY

One after the other Geo-political threats, be it emanating from North Korea or from US hurricanes, have been helping the JPY to maintain its strength. As a result, the USDJPY finally broke 108.40-15 broad support-zone and indicates brighter chances of testing 107.00–106.90 horizontal-line. In case if overbought RSI fails to trigger the pair’s pullback around 106.90, the 106.50 and the 105.90 could come-back on the chart, while a break of 105.90 might please Bears with 105.30 and the 104.60 supports. Alternatively, 107.80 and the 108.40 could play their role as immediate support-turned-resistances, surpassing them might trigger the pair’s recovery in direction to 109.30 & 109.80 levels. During the quote’s additional upside beyond 109.80, the 110.50 can act as intermediate halt ahead of reigniting the importance of 111.00 – 111.20 area, comprising 100-day SMA.

EUR/JPY

The EURJPY recently broke an upward slanting TL support and is now signaling to visit 129.35 support before resting on 129.15-10 horizontal-line. If prices decline below 129.10, the 128.95 and the 128.60 could become next targets but a break of 128.60 should open the door to witness 128.30 and the 127.80 numbers. Meanwhile, the 130.00, the 130.45 and the 130.75 are likely nearby resistances for the pair to confront before it could rise to 131.00 descending trend-line mark. Given the Bulls help the pair to clear 131.00, the 131.40, the 131.70 and the 61.8% FE level of 131.90 may entertain buyers.

CAD/JPY

Having failed to clear the 89.65-80 region, the CADJPY now drops towards 88.45 and the 88.15 adjacent supports; however, an upward slanting trend-line, at 87.50, might restrict its further downside. Given the pair’s inability to respect 87.50, the 86.90 and the 86.30 could be considered as small barriers in the course to meet 85.35-45 area, encompassing 100-day SMA. On the upside, pair’s close beyond 89.20 may favor its recovery to conquer the 89.65-80 region and aim for 61.8% FE level, around 91.00; though 90.00 & 90.50 can act as pass-by halts. Additionally, pair’s successful trading above 91.00 makes it eligible to flash 91.55 and 92.00 north-side figures.

Cheers and Safe Trading,
Anil Panchal