Jump to content

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


Recommended Posts

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.

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • image.png

  • Posts

    • Unlock a fantastic offer on RustMagic in 2024 with the promo code "HELLAGOOD". This code grants players a free $0.5, providing a perfect start to enhance your gaming experience on this popular platform. RustMagic is well-known among Rust players for its wide range of exciting activities, including skin trading, gambling, and various in-game events that keep the community engaged and entertained. How to Claim: Visit RustMagic: Open your web browser and navigate to the RustMagic website. Sign Up or Log In: If you don’t already have an account, click on “Sign Up” and fill in the necessary details to create one. If you have an account, simply log in. Navigate to the Promo Code Section: Once logged in, locate the promo code section, which is usually found in your account settings or the rewards section. Enter the Promo Code: Type in “HELLAGOOD” in the designated field and click on “Submit” or “Redeem”. Claim Your Bonus: Once the code is accepted, your account will be credited with a free $0.5. Benefits of the Promo Code: Using the promo code "HELLAGOOD" on RustMagic not only provides you with free $0.5 but also opens up more opportunities to participate in various activities on the platform. This bonus can be used to trade for valuable skins, enter into different games, or join betting events, giving you a competitive edge and enhancing your overall gaming experience. Why Choose RustMagic? RustMagic is a preferred choice for many Rust players due to its user-friendly interface, secure transactions, and a wide array of gaming options. The platform constantly updates its features and introduces new events to keep the gameplay exciting and fresh. With robust customer support and a vibrant community, RustMagic ensures that players have an enjoyable and engaging experience. Conclusion: Don’t miss out on this exclusive offer. Use the promo code "HELLAGOOD" on RustMagic in 2024 to get a free $0.5 and kickstart your journey on this exciting platform. Whether you are new to RustMagic or an existing player, this bonus provides a great opportunity to explore more of what the platform has to offer.
    • It's exciting to see the expansion of DeFi options on Hedera. SaucerSwap might have been the pioneer, but HeliSwap and HashSwap bring fresh perspectives to the table. Doing research sounds like a must before choosing a go-to platform. And that news about SaucerSwap landing on Bitget is definitely worth keeping an eye on. Thanks for the update
    • Thetanuts Finance looks promising with its focus on structured products and options trading, similar to Badger DAO and Opyn. While their growth and community building are positive, DeFi and options trading are complex and risky. Worth a shot if you're experienced, but simpler DeFi tools might be safer for newcomers.
×
×
  • Create New...
us