- CADJPY
- CHFJPY
- NZDJPY
CADJPY Last weeks analysis stated that if 101.15 gives way, then focus would shift to 102.21, which is where the rally from 98.56 would equal the 97.50-101.15 rally. Either pattern is corrective and suggests that a break lower will occur in the next few weeks. 101.15 did give way and the CADJPY rallied to 102.45 today to complete what we are treating as an A-B-C correction from 97.50. Coming under 101.15 signals that the next leg down is underway. 102.45 is critical resistance. Caution is warranted though as daily oscillators continue to head north.
Key Levels & Technical Indicators
CHFJPY The CHFJPY never dropped below 96.30 (top of wave b), and thus failed to validate our bearish bias. The rally from the 3/5 low at 94.27 has traced out 5 waves now, which suggests that the larger trend is up. A corrective decline is expected with support at the 3/26 low of 96.57. Fibo support begins at the 38.2% of 94.27-97.51 at 96.27. Well look for the next rally to challenge the February high at 98.39.
Key Levels & Technical Indicators
NZDJPY NZDJPY looks like it is about to fall. From the low at 77.42, the pair has traced out an A-B-C correction with the C wave consisting of 5 waves itself. This could also be waves 1 through 3 of a larger advance, but at least a correction lower is expected regardless. Initial support is at 83.54. If the larger trend is up, then NZDJPY should find support near there. A decline below 82.33 suggests that the rally from 77.42 was indeed corrective and that the larger trend is down.
Key Levels & Technical Indicators
Table
CCI(20) 20 day Commodity Channel Index
> 0 bullish
0 > bearish
> 100 extremely bullish
-100 > - extremely bearish
RSI(14) 14 day Relative Strength Index
> 50 bullish
50 > bearish
> 70 overbought
30 > - oversold
MACD ? - MACD slope (MACD MACD[1])
> 0 bullish
0 > - bearish
Mom(21) 21 day Momentum
> 0 bullish
0 > - bearish
*measured against past 3 months
