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Japanese Yen Technical Forecast: JPY Index, AUD/JPY, CHF/JPY Chart Levels

Japanese Yen Technical Forecast: JPY Index, AUD/JPY, CHF/JPY Chart Levels

Thomas Westwater, Analyst

Japanese Yen Technical Outlook

  • JPY index sees price converge in Falling Wedge, breakout imminent?
  • AUD/JPY upward momentum looks set to continue near 2020 highs
  • CHF/JPY may fall near 105 handle after failing to break recent highs
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Japanese Yen Technical Forecast:

The Japanese Yen may be due for a near-term breakout from a Falling Wedge pattern with the prevailing trend converging between support and resistance. The pattern formed after prices bottomed in early September and subsequently topped in October. A breakout through the ceiling with confirmation could be a reversal signal, opening the door to broad strength in the Yen. Should this occur, a move higher to the pattern’s initial high set on October 30 may serve as a target for bulls. Furthermore, downside momentum appears exhausted with the MACD recently crossing above its signal line.

Japanese Yen Custom Aggregate Index

JPY Index

Chart created with TradingView - (Equally-Weighted JPY Versus USD, AUD, GBP and EUR)

AUD/JPY Technical Forecast:

The Australian Dollar is off recent multi-year highs against the Yen, but has held major gains from the recent major upswing off its October swing low. AUD/JPY now sits above August swing highs between the 61.8% Fibonacci retracement level from the 2017/2018 highs to the 2020 lows. The major moving averages carry on with an upward bearing, along with the MACD, suggesting that recent momentum may quickly resume.

AUD/JPY Daily Chart

AUDJPY Chart

Chart created with TradingView

CHF/JPY Technical Forecast:

CHF/JPY recently failed to break its yearly high and has subsequently treaded lower. The failure to breach fresh yearly highs on the most recent upswing likely injected bearish undertones that may see prices fall back to an inflection area between 102.30 and 101.60 before making a renewed push higher. The MACD oscillator appears set to breach below its signal line in the coming days, which may see downward momentum accelerate.

CHF/JPY Daily Chart

CHFJPY Chart

Chart created with TradingView

Japanese Yen TRADING RESOURCES

--- Written by Thomas Westwater, Analyst for DailyFX.com

To contact Thomas, use the comments section below or @FxWestwateron Twitter

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

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