Happy Monday Guys!
Below are possible trends in the Japanese Yen Forex Pairs.
USDJPY – The first week in the year saw a brief spike down (02/01/2019) to test support level 104.65 but this downward momentum could not be sustained as the pair rallied back above 108.16 / 107.49 support levels. For two weeks, the bullish side has been gathering strength now trading slightly above 50% Fibonacci retracement level of 104.55 low and 114.62. The week saw a bullish reversal pattern formed (Morning Star Pattern).
We scale down to a lower timeframe the 4 hours chart for our setup. Price action is now trading above our Moving Average combo settings.
Price action crossover confirmed the new bullish move on 18th January 2019 with the 100 days Moving Average now trading into the shorter term Moving averages (the last time we saw a crossover signal for a sell was on 17th December, 2018).
The pair is likely to rally towards 111.76 and 112.09 resistance area.
GBPJPY – The pair’s price action shows that it is trading above the Moving Average setup. The price action in the last 4hours corrected to test minor resistance now support at 141.10
A rally is likely to be seen 143.13 and 143.90 the previous support expected to be a resistance
NZDJPY – After a breakout in the downward sloping channel trendline to the upside in October 2018 at 75.20, the pair’s price action has since seen a trend reversal where it now finds support at the previous upper channel trendline at 73.04.
A renewed buying interest is expected in towards the next historical resistance level of 75.67 / 76.05.
On the other hand, trade back into the channel trendline would see the pair fall towards the lower channel line.