Japanese Yen Continues to Slide (EUR/JPY, AUD/JPY, NZD/JPY)

Japanese Yen Continues to Slide (EUR/JPY, AUD/JPY, NZD/JPY)

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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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.