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Yen Crosses Testing Support as May Nears its End

Yen Crosses Testing Support as May Nears its End

2012-05-29 18:39:00
Jamie Saettele, CMT, Sr. Technical Strategist
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British Pound / Japanese Yen

Weekly Bars

Yen_Crosses_Testing_Support_as_May_Nears_its_End__body_gbpjpy.png, Yen Crosses Testing Support as May Nears its End

Prepared by Jamie Saettele, CMT

Remember that former trendline resistance that extends off of the August 2009 and April 2011 highs? The GBPJPY is now testing that line as support and in its 5th consecutive week of weakness. The presence of the former trendline would keep me from initiating shorts at this level but I also wouldn’t entertain longs as low as price is below 12506 (Sunday night high). Exceeding 12506 would indicate that a more substantial advance is probably underway towards 12640 and maybe 12710 (former support). Continued weakness exposes former resistance at 12316 and 12275 as support.

Australian Dollar / Japanese Yen

Daily Bars

Yen_Crosses_Testing_Support_as_May_Nears_its_End__body_audjpy.png, Yen Crosses Testing Support as May Nears its End

Prepared by Jamie Saettele, CMT

The AUDJPY has held up after testing its December and August 2011 lows last week. The larger trend is down and rallies should be sold but the ideal resistance zone is just above current price and defined by the 5/22 high and 5/9 low at 7917/75. The 20 day average crosses through the bottom of the zone late this week. The next downside objective isn’t until 7477.

New Zealand Dollar / Japanese Yen

Daily Bars

Yen_Crosses_Testing_Support_as_May_Nears_its_End__body_nzdjpy.png, Yen Crosses Testing Support as May Nears its End

Prepared by Jamie Saettele, CMT

The NZDJPY situation is similar to that of the AUDJPY. Price didn’t quite test the December low but did test the January low last week before recovering to current levels. 6105-6215 (5/22 high and 5/9 low) is the ideal zone for bears to short into either late this week or early next week. The next downside objective isn’t until 5824.

Euro / Japanese Yen

Daily Bars

Yen_Crosses_Testing_Support_as_May_Nears_its_End__body_eurjpy.png, Yen Crosses Testing Support as May Nears its End

Prepared by Jamie Saettele, CMT

The EURJPY drop has been steady and has reached the February low today. The 1/13 high at 9880 is potential support just under the current level. Sunday night’s high serves as the pivot at 10022. Respect the downside below 10022 (although I wouldn’t initiate shorts at such depressed levels with mentioned support nearby). Exceeding that level would suggest a larger correction is underway towards 10110 and maybe the 5/22 high at 10212.

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

To contact Jamie e-mail jsaettele@dailyfx.com. Follow me on Twitter @JamieSaettele

To be added to Jamie’s e-mail distribution list, send an e-mail with subject line "Distribution List" to jsaettele@dailyfx.com

Jamie is the author of Sentiment in the Forex Market.

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

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