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Japanese Yen Price Forecast: USD/JPY, GBP/JPY, EUR/JPY, CAD/JPY

Japanese Yen Price Forecast: USD/JPY, GBP/JPY, EUR/JPY, CAD/JPY

Daniel Dubrovsky, Senior Strategist

Japanese Yen, USD/JPY, GBP/JPY, EUR/JPY, CAD/JPY - Talking Points

  • USD/JPY eyeing Symmetrical Triangle chart pattern
  • GBP/JPY may extend losses, will EUR/JPY follow?
  • CAD/JPY focus may remain to the upside ahead

USD/JPY Outlook

The US Dollar continues to consolidate against the Japanese Yen. For some time, USD/JPY has been trading within a Symmetrical Triangle chart pattern. The direction of the breakout, be it higher or lower, could set the next trajectory for the pair. Key resistance sits above as a range between 106.86 and 107.05. Otherwise, a turn lower exposes the 105.10 – 105.30 zone.

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USD/JPY Daily Chart

USDJPY Price Chart

USD/JPY Chart Created in TradingView

GBP/JPY Outlook

The Japanese Yen could accelerate against the British Pound after GBP/JPY took out a combination of rising trend lines on the daily chart below. This followed a combination of bearish technical signals, such as a Shooting Star candlestick pattern and negative RSI divergence. The latter is a sign of fading upside momentum. Key support sits below as a range between 133.98 and 134.46. Beyond that exposes the 131.74 – 132.26 zone.

GBP/JPY Mixed
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 6% -5% -2%
Weekly 12% 19% 16%
What does this mean for the GBPJPY outlook?
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GBP/JPYDaily Chart

GBPJPY Daily chart

GBP/JPY Chart Created in TradingView

EUR/JPY Outlook

The Japanese Yen is struggling to make further progress against the Euro after EUR/JPY closed under rising support from May. Since then, prices bounced just above the 50-day Simple Moving Average (SMA). However, the pair was unable to close back above the trend line, potentially establishing it as new resistance. A turn lower from here places the focus on the 124.29 – 124.43 support zone.

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EUR/JPYDaily Chart

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EUR/JPY Chart Created in TradingView

CAD/JPY Outlook

The Japanese Yen has lately been oscillating against the Canadian Dollar. A combination of the 50-day SMA and the 79.81 – 79.98 inflection zone acted as critical support this past week. Should prices fall under the latter two ahead, that could shift the CAD/JPY outlook increasingly bearish, exposing 78.91. Reestablishing the uptrend entails pushing above highs from June, exposing the 78.6% Fibonacci extension at 82.41.

CAD/JPY Daily Chart

CADJPY Daily Chart

CAD/JPY Chart Created in TradingView

--- Written by Daniel Dubrovsky, Currency Analyst for DailyFX.com

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

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

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