Euro / Japanese Yen
Daily Bars
Prepared by Jamie Saettele, CMT
The EURJPY has retraced exactly 38.2% of its decline from the March high. There is not enough information to suggest that the rally from the 6/1 low has reversed. In fact, the path of least resistance may be for higher prices for the rest of June as the USDJPY has broken out to monthly highs. The channel reinforces support near 10025 Friday and resistance next week is above 10300.
British Pound / Japanese Yen
Daily Bars
Prepared by Jamie Saettele, CMT
Focus is on the resistance zone from basically 12650-12730. The lower end is defined by the 5/22 high. The upper end is defined by the October 2011 intervention high and April 2012 low. 124353/60 is short term support from early June resistance and Thursday’s low.
Australian Dollar / Japanese Yen
Daily Bars
Prepared by Jamie Saettele, CMT
The AUDJPY has retraced exactly 50% of the decline from the March top but like the other crosses there is not enough information to suggest that a top is in place. 8025 defines short term support (short term trendline support is at about 8015) and the next zone of resistance is expected from former lows in the 8210/50 area.
New Zealand Dollar / Japanese Yen
Daily Bars
Prepared by Jamie Saettele, CMT
The NZDJPY is the only Yen cross to carve out a key reversal (the other crosses didn’t satisfy the range condition). A key reversal at a 50% Fib can be a good short setup, but I’ll pass on this one. For one, intraday momentum readings are strong at the top and I’d like to see divergence with momentum before fading a 600 pip rally. The next top may be the one to short near 6456 (October 2011 intervention high).
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
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Jamie is the author of Sentiment in the Forex Market.
