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Market update: Japanese yen technical outlook - USD/JPY, EUR/JPY, AUD/JPY price set-ups

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USD/JPY flirts with the psychological 150 mark; EUR/JPY continues to be capped at key resistance; AUD/JPY is holding above key support; and the outlook and key levels to watch in select JPY crosses.


original-size.webpSource: Bloomberg


 Manish Jaradi | DFX Strategist, Singapore | Publication date: Monday 16 October 2023 07:30

USD/JPY technical analysis

USD/JPY’s rally has stalled recently as it hovers around stiff resistance at the psychological 150 mark, not too far from the 2022 high of 152.00. However, there is no sign of a reversal of the uptrend.

The price action so far this month can be at best described as sideways with the lower edge beginning supported around the 200-period moving average (MA), around the early-October low of 147.35. 

USD/JPY technical analysis

With USD/JPY within last year’s intervention zone, it could be tough to clear 150.00-152.00, especially given some Fed officials have indicated a peak in rates.

On the other hand, any fall below 147.00-147.50 would confirm that the broader upward pressure had faded. Such a fall could open the way toward the early-September low of 144.50.

USD/JPY 240-minute chart


original-size.webpSource: TradingView

EUR/JPY technical analysis

EUR/JPY has been capped by quite strong resistance on a horizontal trendline since September (at about 158.50).

Despite the recent sideways price action, the cross continues to hold above a vital cushion on the 89-day moving average, coinciding with the lower edge of the Ichimoku cloud on the daily charts, near the early-October low of 154.50.

This support area is strong and could be tough to crack, especially in the context of the broader uptrend following the break earlier this year above strong resistance at the 2014 high of 149.75.   

EUR/JPY daily chart


original-size.webpSource: TradingView

AUD/JPY technical analysis

AUD/JPY has been unable to sustain gains recently, but while it continues to hold above quite strong converged support at the 89-day moving average, the February high, and the lower edge of the Ichimoku cloud on the daily charts, the broader bias continues to be up.

At the same time, unless the cross clears the June high of 97.70 the path of least remains sideways at best. 

AUD/JPY weekly chart


original-size.webpSource: TradingView




This information has been prepared by IG, a trading name of IG Australia Pty Ltd. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.

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