News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Real Time News
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here: https://t.co/zEEUHZjVIG https://t.co/f6mraHu6zv
  • Technical analysis of charts aims to identify patterns and market trends by utilizing differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjKWitK https://t.co/JMsJPQlQ3j
  • 🇳🇱 Consumer Confidence (SEP) Actual: -5 Previous: -6 https://www.dailyfx.com/economic-calendar#2021-09-22
  • A rough start to the week with the cryptocurrency market a sea of red with losses on either side of -10% a common sight.Get your market update from @nickcawley1 here:https://t.co/AUfuM9t7yw https://t.co/lU6HS7fHwr
  • RT @FxWestwater: Gold, Copper Forecast: XAU Eyes FOMC, Evergrande News Sends Copper Flying Link: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/commodities/2021/09/22/Gold-Copper-Forecast-XAU-Eyes-FOMC-Evergrande-News-Sends-Copper-Flying.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https://t.co/x2sC…
  • Heads Up:🇳🇱 Consumer Confidence (SEP) due at 04:30 GMT (15min) Previous: -6 https://www.dailyfx.com/economic-calendar#2021-09-22
  • PBoC liquidity injection + reports that Evergrande will make its next onshore bond payment ($35.88-million on 23 Sept) is bolstering risk appetite here. Yet, there is still no word on the $83.53-million offshore bond payment also due Thursday. Over to you now, Jpow & Co. https://t.co/3an0K2d5T1
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here: https://t.co/t9FlspUVZz https://t.co/ewdevfzq9I
  • Bank of Japan: - Outlook highly uncertain amid Covid - Asset purchase outline unchanged - Cuts assessment of production - exports, production impacted by supply side constraints - BBG
  • Heads Up:🇯🇵 BoJ Interest Rate Decision due at 03:00 GMT (15min) Previous: -0.1% https://www.dailyfx.com/economic-calendar#2021-09-22
Japanese Yen Technical Analysis: AUD/JPY, CAD/JPY, NZD/JPY

Japanese Yen Technical Analysis: AUD/JPY, CAD/JPY, NZD/JPY

Daniel McCarthy,

AUD/JPY, CAD/JPY, NZD/JPY Technical Analysis - Talking Points

  • Commodity FX rejected recent lows against JPY but are yet to make new highs
  • CAD/JPY nears the top of the range, still has work to do to break the downtrend
  • AUD/JPY and NZD/JPY have similar set-ups. Will bigger trends emerge?

AUD/JPY TECHNICAL ANALYSIS

AUD/JPY has experienced a strong move higher of late after bouncing off the August low of 77.90. The move to that low was sharp and then followed by quick retracement, which suggests the market rejected the low.

With this rally, the down-sloping trend channel resistance has been broken and the previous high and resistance level at 81.58 has been overcome. The 21-day simple moving average (SMA) is pointing higher and the 200-day SMA also has a positive gradient. However, the spot price has yet to cross the 200-day SMA and its current placement at 82.02 may provide some resistance.

Further out, there is likely to be resistance at the previous high of 84.19 and then at the multi-year high of 85.81, seen in May.

AUD/JPY DAILY CHART

Japanese Yen Technical Analysis: AUD/JPY, CAD/JPY, NZD/JPY

Chart created in TradingView

CAD/JPY TECHNICAL ANALYSIS

CAD/JPY is in a bearish-sloping trend channel at the moment, after breaking the up-trend line support. The trend line from the November bottom of 77.92 held until July when the current trading channel began.

The July selloff tested the previous low at 85.43 but the level held on that first attempt. The second move to test the 85.43 support smashed through to print a low of 84.67. This move quickly retraced back up through the 200-day SMA and is testing the top side of the channel.

A break-out above this barrier would be met with more resistance levels. 88.25 is a down trend channel line and 88.46 is the previous high. Beyond that, there is a minor resistance level at 90.40 before the more significant resistance at the multi-year high of 91.18

CAD/JPY DAILY CHART

Japanese Yen Technical Analysis: AUD/JPY, CAD/JPY, NZD/JPY

Chart created in TradingView

NZD/JPY TECHNICAL ANALYSIS

NZD/JPY has been in a wide sideways trading pattern since February, with a slight bias in the trading channel pointing down. It’s possible this may be a pause in a bigger-picture move.

In mid-July and then again in mid-August, the cross made a new low, but in both cases, the sell-off was short lived and rejected.

The current formation came after a fast-moving rally from 68.80 in November to 79.20 in March. The short-term 21-day simple moving average (SMA) did not break below the longer-term 200-day SMA suggesting that the was not enough momentum to push significantly lower.

On the topside the 2 previous highs of 78.77 and 80.18 are the next resistance levels.

NZD/JPY DAILY CHART

Japanese Yen Technical Analysis: AUD/JPY, CAD/JPY, NZD/JPY

Chart created in TradingView

--- Written by Daniel McCarthy, Strategist for DailyFX.com

To contact Daniel, use the comments section below or @DanMcCathyFX on Twitter

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

DISCLOSURES