EUR/JPY, GBP/JPY, NZD/JPY and their July Trendlines

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All eyes were on the US Dollar this week. Its strength has translated to weakness into the Japanese Yen. We saw the USD/JPY break above a descending triangle and stall at 103. Let’s turn our attention to some other Japanese-yen crosses, the EUR/JPY, GBP/JPY, and NZD/JPY as they deal with July’s falling trendlines.

EUR/JPY broke above its July trendline, opening up some short-term bullish outlook. However, the 2014 mode has been consolidation and bearish correction so we should limit this bullish outlook. The GBP/JPY broke its July trendline and is signaling bullish continuation. The NZD/JPY is at its recent falling trendline looking poised for sellers to send it to another low of recent weeks.

To contact the reporter of this story, email Fan Yang at fan@forexminute.com
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Fan Yang has been a professional forex trader and analyst since 2007. He specializes in technical analysis and has a Chartered Market Technician designation since 2011. He was the chief technical strategist at CMSFX He was also the founder and chief currency strategist at FXTimes Over the years, Fan has not only been a trader and analyst but also an educator. As a proponent of both technical and fundamental analysis in trading, Fan advocates simplicity and discipline as key factors in making trading decisions when faced with so many "clues" and "signals". Currently Fan Yang is the chief currency analyst and webinar instructor at forexminute.com.