News & Analysis

Eightcap Forex technical insights; Japanese Yen pushing back 16/4/18

Apr 16, 2018 | Forex News

Friday saw a fightback from the JPY to the majors. All failing to hold strong rallies built up during the Asain and European sessions. At this point markets could be overextended, JPY buyers adding further pressure into today’s Asian session. The AUD, EUR and USD have all hit and stalled at resistance highs. The while buyers continue to be held in by these levels we’re looking for lower legs to develop. Current Syrian tensions need to be monitored as does continuing pressure on the Japanese Priminister Shinzo Abe.

Looking at the daily charts for more detail.

AUDJPY – two good resistance levels with price currently failing at a previous low. 82.70 may come in as buyer defence if sellers get a test down to that area. Further support is seen below at 82.55.

EURJPY – has a supply zone from 132.69 -133.25. Resistance has developed at 132.45 and 132.65. A failed high was set up on Friday with buyers failing to break 132.60, reconfirming this resistance level. If we see sellers take price lower we’relooking for buyers to re-engage at 132.00.

USDJPY – has had active sellers today. Supply zone has set up from 107.26 – 107.91. Resistance points at 107.50 and short-term at 107.41. Buyers have shown support from 106.70. if these levels continue to hold we could see a seller test down to support. The current short to medium term trend is still in play.

Good trading from Eightcap

 

 

 

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