JPY Cross Analysis

EURJPY

Resistance in the region of 132.30/50 continues to frustrate EURJPY bulls. despite the lack of upside progress, momentum remains with the buyers.

There is good support at 131.50 and 131.00, however a break below 131.00 would be a set back and allow for drop to 130.60.

GBPJPY

The focus remains to the upside with the market looking to attempt a break of 154.00/20. A clean break here would open up a run higher to 154.80. Levels not seen for 3 years.

However, while resistance holds firm, you cannot rule out another bout of profit taking and a drop to 153.20/30 again, or even a deeper pullback below 153.00 to 152.40.

AUDJPY

The AUD looks to be struggling to hold onto the 85.00 and looks like it could see a drop to 84.60 or even down to support at 84.20.

Resistance looks to be fairly strong at 85.40, however if broken we could see another run to the highs at 85.80/90

CHFJPY

Swissy is testing support at 120.00 a break here will see a drop to 119.50/60 possibly 119.20.

Resistance in the 120.40/60 area should limit any short term corrections higher. However, a break of 120.60 would see the Swiss Franc recover to post new highs at 121.00

Analysis provided by point and figure charts from http://www.eightdragonscapital.com

For more information on how to trade forex or technical analysis contact support@8dragonstrade.com

Published by Neil Callard

Forex Trader and Educator. 30 years trading experience, of which 20 years was market making in major currencies in large international financial institutions.

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