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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.

USD/JPY CHART

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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.

CHF/JPY CHART

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--- 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.

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