The rally from 127.01 looks impulsive so the yearly top may not be in place yet. However, with 5 waves likely complete, there is bearish potential near term. 130.50-131.50 is the Fibonacci support zone.
The rally in the GBPJPY is not as clear but the advance stalled several times near the resistance line drawn off of the June 12 and June 30 highs. Favor the downside until at least Fibonacci support, which begins at 152.10.
The CHFJPY is the same as the EURJPY count. A 5 wave rally from 83.92 is complete and a retracement of that advance is underway now. 86.00 and .8664 are potential support levels.
The CADJPY soared 1000 pips since the low on July 8. The rally is a clear 5 (impulsive) and the beginning of a sizeable correction is in its early stages. Expect a decline to at least 84.00 (4th wave extreme).
The structure of the AUDJPY rally is not clear but a break of the short term bullish channel would favor a drop to 74.00-75.00 (50%-61.8% of the rally from 70.74).
The NZDJPY rally from 56.86 shows 5 waves, with wave 5 as an ending diagonal. Ending diagonals are usually fully retraced, and the retracement can be sharp. As such, favor a return to at least the origin of the diagonal, which is 59.90.
Jamie Saettele publishes Daily Technicals every weekday morning (930 am EST), COT analysis (published Monday mornings), technical analysis of currency crosses throughout the week (EUR on Tuesday, JPY on Wednesday, GBP on Thursday, AUD on Friday), and the DFX Trend Index every day after the NY close. He is also the author of Sentiment in the Forex Market.
Please send comments about this report to jsaettele@dailyfx.com
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