The Japanese Yen extended its weakness this week after the BoJ reiterated its intent to continue stimulus measures amid weak economic data in Q3. The EUR/JPY, AUD/JPY, and NZD/JPY are three Japanese Yen crosses that are showing bullish continuation after this week’s JPY-sell-off. Let’s take a look at their charts.
The EUR/JPY is moving above a double bottom, and above this week’s consolidation. The technical picture in the 4H chart and the daily chart point towards a bullish continuation mode, with at least the 143.78 March high, then the 145.69 Dec. 2013-high in sight. The AUD/JPY found support at a previous resistance. This is a strong sign of bullish continuation. It is also moving above last week’s double bottom, and also moving above this week’s consolidation. Now, the pair is poised to test the 2014-high at 98.67. Finally, the NZD/JPY has been bullish, then sideways, and after this week’s price action is turning slightly bullish. If price can hold above the 87-87.50 level on a pullback, the bullish outlook remains in play toward the 2014-highs around 85.86.
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