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Right now, from where I sit it’s an in-between period in terms of high-quality set-ups, but that doesn’t mean things aren’t working their way towards becoming good set-ups. Looking at the yen-crosses, a few of them are at resistance which offers a sign of caution for existing longs off recent lows and potentially attractive spots for would-be shorts.


GBP/JPY’s aggressive rally off the low is now at a confluence of trend-lines of varying degrees; one runs down from the May high and the other is the underside of a trend-line rising up from April 2017. It’s a good spot to look for weakness to set in, and depending on how hard it turns lower it could become a continuation trade back below the monthly low.

GBP/JPY Daily Chart (At cross-road of trend-lines)

GBPJPY daily chart at confluence of trend-lines


AUD/JPY has a differing type of resistance standing in its way than sterling-yen – price resistance. There are several prior turn points from around the current vicinity which need to be overcome before the cross can trade higher. Resistance might keep the generally range-bound price action from March in place.

AUD/JPY Daily Chart (Trading at Price resistance)

AUDJPY daily chart trading at resistance


CAD/JPY turned down yesterday from resistance carved out in April and May, and has potential to put in a bearish head-and-shoulders if weakness from here can become a theme. In any event, the area from here up to 8575 is viewed as steadfast resistance and acts as a ceiling for now.

CAD/JPY Daily Chart (Pulling off from resistance, H&S Forming?)

CADJPY daily chart, possible head-and-shoulders pattern


CHF/JPY is still trying to power higher this morning, but as is the case with others it has plenty of resistance to contend with. A reversal from here up to the ~11225 area will have eyes focused on a retracement, at the least, of the recent rally.

CHF/JPY Daily Chart (Watch for turn off resistance)

CHF/JPY daily chart, watch for turn lower from current area

Updates will be provided on this idea and others weekly, in the trading/technical outlook webinars held on Wednesday and Friday .

Is low volatility shaking your confidence? You’re not alone. These 4 ideas may help you get back on track – Building Confidence in Trading.

Resources for Forex & CFD Traders

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX