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Japanese Yen Technical Analysis: USD/JPY, CHF/JPY. Are the Pullbacks Reversals?

Japanese Yen Technical Analysis: USD/JPY, CHF/JPY. Are the Pullbacks Reversals?

Daniel McCarthy, Strategist
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Japanese Yen, USD/JPY, CHF/JPY - Talking Points

  • USD/JPY put in a multi-year high to start 2022 but has since dived
  • CHF/JPY also made a new peak, but it too has pulled back within a trend
  • JPY looks to have found some support for now. Will Yen weakness resume?

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USD/JPY – Technical Analysis

At the start of 2022, USD/JPY broke above the March 2017 high of 115.505, a level that had provided resistance on the first attempt in November last year.

This is now a potential pivot point resistance level at 115.505. The recent high of 116.353 might also provide resistance.

The move back down has seen the price move below the 10 and 21-day simple moving averages (SMA). The 10-day SMA also has a negative gradient but the 21-day SMA slope remains positive.

It also moved below the 55-day SMA but that move was rejected. It remains above the 100-day SMA and all long-term SMAs.

This could suggest that short-term momentum is stalling but that underlying medium and long-term momentum is still bullish. If there is a move back above the 10 and 21-day SMAs further bullish momentum may evolve.

Support could also be at the previous lows and pivot points of 113.960, 113.483, 113.223, 113.142, 112.727, 112.533, 112.079, 110.802, 109.113 and 108.723.


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CHF/JPY – Technical Analysis

Yen weakness saw CHF/JPY make a new peak at 127.078 earlier this month. This level, along with the recent high of 125.67 may offer resistance.

CHF/JPY has made a number of higher highs and higher lows over the last year. Accodingly, there are a number of ascending trend lines above and below the price, which might suggest that a trend is in play.

It should be noted that CHF/JPY has also had deep corrections in this trend, and often traded sideways for extended periods.

The 34 and 55-day simple moving averages (SMA) could be worth watching for any deeper correction. The 34-day SMA currently coincides with an ascending trend line and the 55-day SMA is presently at 126.060, just below a recent low.

Support could be at previous lows and pivot points of 124.186, 122.670, 122.437, 122.140, 121.211, 118.938 and 117.545 are potential support levels.


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--- Written by Daniel McCarthy, Strategist for

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.