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  • Euro seeing a modest bounce from the 1.16 handle, eyes are on the 1.1700 handle, which may well indicate a change in fortunes for the Euro, should the single currency surmount the psychological barrier. Get your $EUR market update from @JMcQueenFX here:https://t.co/xsoCcOeZov https://t.co/gj45VCCBDf
  • Gold Price Forecast: XAU Coil Continues After 1800 Res Rejection https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2021/10/19/Gold-Price-Forecast-XAU-Coil-Continues-After-1800-Res-Rejection.html $GC_F $Gold https://t.co/D6hRSB5vNx
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 1.09% 🇦🇺AUD: 0.80% 🇬🇧GBP: 0.51% 🇪🇺EUR: 0.23% 🇨🇦CAD: 0.08% 🇯🇵JPY: 0.05% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/vguzKnWbkt
  • This was not the pair that I expected to make the most of leveraging the Dollar's pullback. $USDCNH puts in a sheering bearish break on the biggest single day drop in 5 months: https://t.co/sKFWOqVhNZ
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: US 500: 0.47% Wall Street: 0.34% Germany 30: 0.17% FTSE 100: -0.02% France 40: -0.30% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/SOuNRfF9cI
  • Heads Up:🇺🇸 Fed Daly Speech due at 15:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-10-19
  • Heads Up:🇩🇪 Bundesbank Mauderer Speech due at 15:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-10-19
  • ECB's Lane - Market may not have fully absorbed forward guidance $EUR
  • AUD/USD extends the advance from the start of the month as the Reserve Bank of Australia (RBA) Minutes warn of rising home prices. Get your $AUDUSD market update from @DavidJSong here:https://t.co/FfADz5RGNo https://t.co/PfJAdSL2iO
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Silver: 3.69% Gold: 0.66% Oil - US Crude: -0.35% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/Gay35tIWLB
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, 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.

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/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.

EUR/JPYDaily Chart

Please add a description for the image.

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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