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Yen Pairs at Resistance: USD/JPY, AUD/JPY, EUR/JPY & GBP/JPY

Yen Pairs at Resistance: USD/JPY, AUD/JPY, EUR/JPY & GBP/JPY

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Struggling right now? It happens to the best. Check out these four core ideas to help boost your Confidence as a Trader.

‘Yen-plex’ generally at resistance levels

Several JPY pairs are trading at or near resistance levels in the aftermath of the flash-crash from earlier this month. Whenever an unusual event like a flash-crash occurs there is typically a rebound for a while (as seen) before price direction becomes increasingly less certain. Now that we’ve had the rebound and prices are at resistance, can they push on through or are we do for some weakness?

Starting with USD/JPY, price is currently pressed up against the low from August and is thus far struggling to trade higher. As long as price doesn’t close aggressively above 11000 a move lower towards 10800 or worse may soon ensue.

Check out the intermediate-term fundamental and technical outlook in the Q1 YEN Forecast.

USD/JPY Daily Chart (August low)

USD/JPY Daily Chart, August low

AUD/JPY has already started to weaken from resistance (lows from September and October). A small bearish reversal on Jan 18 got the ball rolling back downhill, watch how price reacts should it trade to 7708. Also, this pair will be especially sensitive to a decline in the equity market given its correlation during times of market stress. With the S&P 500 having had a good run off the lows a pullback at the least may be near.

AUD/JPY Daily Chart (Sep/Oct low)

AUD/JPY Daily Chart (Sep/Oct low)

EUR/JPY is hanging out at lows from May and August, which has so far kept a lid on further price appreciation. Price is taking shape of a triangle which means it should soon turn down from resistance or blast on through with momentum. For now, giving resistance and the general trend the benefit of the doubt.

EUR/JPY Daily Chart (May/Aug lows)

EUR/JPY daily chart May/Aug lows

GBP/JPY has been a beast with the help of a strong Sterling, but that may soon change with both price and trend-line resistance standing in its way. A close above 14400 would have the cross clearing resistance and trading towards the 200-day over 14500, otherwise a turn down may just be in early stages.

GBP/JPY Daily Chart (Price & T-line resistance)

GBP/JPY daily chart, price and t-line resistance

***Updates will be provided on these ideas and others in the trading/technical outlook webinars held on Tuesday and Friday. If you are looking for ideas and feedback on how to improve your overall approach to trading, join me on Thursday’s for the Becoming a Better Trader webinar series.

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.