Technical Update For USD/JPY, EUR/JPY, NZD/JPY & CHF/JPY: 27.04.2017

USD/JPY

During its gradual recovery from 108.10, the USDJPY managed to post month’s new-high on Wednesday but failed to surpass 50-day SMA; however, the pair didn’t lose its strength and again aims to conquer the same SMA number of 111.80, breaking which it becomes eligible to target 112.50. Though, pair’s further advances beyond 112.50 are likely to be confined by 113.40-45 resistance-confluence, comprising 100-day SMA & near-term descending trend-line, which if broken opens door for its extended northward trajectory towards 114.50 & 115.30 resistances. In case of the pair’s failure to surpass 50-day SMA, followed by a pullback, the 110.80 and 110.00 are likely immediate supports to come-up on the chart, breaking which 109.30 & 108.80 may act as buffers before dragging prices to 108.10. Should the pair sustain its downside below 108.10, also clearing 108.00, the 107.60-50 horizontal-line becomes crucial for traders to watch before they can think of 107.00 & 106.30 support-levels.

EUR/JPY

While yesterday proved to be a drag on EURJPY’s latest up-move, the pair again initiated its advances targeting 122.20-25 trend-line during early today. Given the quote’s capacity to overcome more than four-month old descending TL resistance on a daily closing basis, it becomes capable to challenge 122.90 & the 123.30 resistances prior to targeting 124.00 round-figure. During the pair’s additional surge beyond 124.00, the 124.60 & 125.00 could please buyers. Meanwhile, 100-day SMA level of 120.65, the 120.40 and the 119.35, including 50-day SMA, can entertain short-term sellers. If prices drop below 119.35, it becomes wise to expect the return of 118.40, 118.00 and 117.50 supports while holding short-positions.

NZD/JPY

Unlike previous two JPY pairs, the NZDJPY is presently signaling downside to re-test 76.50 ahead of igniting the importance of 75.85-90 horizontal-line, clearing which it could further drop to 75.40 & 75.00 round-figure. In case if Bears dominate the quote after 75.00 break, it can have multiple supports to rest between 74.70 and 74.30. On the upside, 76.90 & 77.40 may act nearby resistances for the pair, which if broken flashes light on 77.65-70 resistance-confluence, including 200-day SMA & three-month old descending trend-line. Should the pair successfully trades above 77.70, chances of its follow-on rally towards 78.45-50 & 78.80 can’t be denied.

CHF/JPY

With a clear break of month-old descending trend-line, CHFJPY seems all set to challenge 100-day SMA level of 112.70; however, 113.20 & 113.80 may try to restrict its additional advances. Given the pair’s closing above 113.80, the 114.30, the 114.70 & 115.00 are likely intermediate halts that it can avail during its trajectory to December high around 115.50. Alternatively, pair’s break of 111.50 can fetch it to 111.00 and 110.40 before 110.00 could limit its downside. If bears refrain to respect 110.00, the 200-day SMA level of 109.35 & 108.90 should come in their radar.

Cheers and Safe Trading,
Anil Panchal