*To view the original Forex Update 2020 analysis and post, please click here*
JPY Pairs – Weekly Charts
Some JPY pairs continue to downtrend (as suggested in our last 2020 JPY chart analysis).
Price continues to downtrend on some JPY pairs, some pairs are looking indecisive though. The weekly moving averages on all pairs signal market indecision – they are moving sideways.
CADJPY – reversed around the bearish channel resistance area and has swung lower, finding support around the channel support area (as all suggested in our last analysis). CADJPY continues to downtrend within the bearish channel but may start ranging between the horizontal levels at 75.50 and 84.30. Trading opportunities could exist around the support and resistance areas of the bearish channel and the potential range. A bullish move may find resistance around 88.50 and 91.00.
CHFJPY – is looking indecisive. Price action has formed a horizontal channel at 107.00-118.50. Trading opportunities may exist around the support and resistance areas of the channel and if CHFJPY closes out of the channel (break-out trade). A break to the upside could stall or reverse around the horizontal resistance levels at 133.50 and 137.00. A break to the downside could stall or reverse around the horizontal support at 102.50.
EURJPY – has been bullish. Price has swung above the recent bearish trend resistance area and has formed a higher swing high, all suggesting that EURJPY could start up-trending. Buying opportunities could exist around the previous trend resistance area (as support) and around the horizontal support levels at 115.00 and 111.25. A bullish move may be rejected or reverse around the moving averages and around the horizontal resistance levels at 132.50, 137.00 and 139.50.
NZDJPY – price reversed off the horizontal level around 73.00 (as suggested in our last 2020 JPY analysis). NZDJPY is clearly down-trending within a bearish channel. Opportunities to go short may exist around the dynamic resistance of the weekly moving averages, around the bearish channel resistance area and around the horizontal resistance levels at 73.50, 79.00 and 83.50. A bearish move could be rejected or reverse around the channel support area and around the recent lows at 62.00.
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