-EURJPY could test 130; support at 120
-CADJPY support at 75
-AUDJPY bullish potential against 58; support at 62
-NZDJPY tests 55 day SMA; support at 49
[B]Euro / Japanese Yen[/B]
For the first time since late summer 2008, the slope of the 55 day moving average on the EURJPY is positive. There are a number of wave counts at the current juncture, so confidence in the pattern is low right now. The EURJPY is in the center of a range, which makes controlling risk difficult. One possibility though is that the pair completing a C wave of a flat that will end above 130. Fibonacci resistance is at 132.51. Former resistance at 120 is potential support.
[B]
British Pound / Japanese Yen[/B]
The GBPJPY traded slightly above the January 7th high (141.68) today. This breaks the series of lower highs since the decline from 216 and bodes well for bulls. Still, expect downside action off of this resistance level before bulls make attempt a clean break. Potential support from Fibonacci is at 136, 134.25, and 132.50. Additional upside is favored as long as price is above 127.08.
[B]
Swiss Franc / Japanese Yen[/B]
The CHFJPY pattern is the exact same as the EURJPY. Staying below 87.09 keeps the larger trend down but there is the possibility that a flat will end above there and complete the corrective advance from 74.66.
[B]
Canadian Dollar / Japanese Yen[/B]
The CADJPY is in the same position. A base seems to be forming from multi-year lows and important moving averages are turning up. There is potential short term support at 75.22.
[B]
Australian Dollar / Japanese Yen[/B]
After 5 clean waves down from the July 2008 high, the AUDJPY has traded in a choppy range between 55 and 70. The slow decline from 70.58 has the personality of a B wave in what is probably a flat. A push above 70.58 would complete the pattern. Short term support is at 62 and the upside is favored as long as price is above 58.06.
[B]
New Zealand Dollar / Japanese Yen[/B]
The NZDJPY is just now crossing the 55 day SMA. The average is turning up. Short term support is at 49 but staying above 46.42 keeps the NZDJPY constructive. MACD is on the verge of turning positive for the first time since January 5th.
Jamie Saettele publishes Daily Technicals every weekday morning (930 am EST), COT analysis (published Monday mornings), technical analysis of currency crosses throughout the week (EUR on Tuesday, JPY on Wednesday, GBP on Thursday, AUD on Friday), and the DFX Trend Index every day after the NY close. He is also the author of Sentiment in the Forex Market.
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