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.
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