TriumphFX – Forex Analysis – JPY Pairs – April, May & June 2021


Previous analysis… https://analysis.tfxi.com/2020/12/29/triumphfx-forex-analysis-jpy-pairs-january-february-march-2021/

AUDJPY – Daily Chart

AUDJPY Daily Chart

As suggested in our last JPY analysis, price has been bullish and has swung higher.

AUDJPY is up-trending. The moving averages are bullish and widening, suggesting that the upside direction could continue. Price action is currently forming a potential inverted head and shoulder pattern, signalling that price could attempt a retrace move before swinging higher.

Buying opportunities may exist around the dynamic support of the moving averages, around the trend support area and around the horizontal levels at 80.70, 79.60, 78.15, 73.25 and 72.65. A bullish move could find resistance around the recent highs at 85.05.

The Bank of Japan (BOJ) continues to keep interest rates at the record low of -0.10%. The Japanese economy is performing well under the current COVID-19 economic crisis, relative to other 1st world countries.

The Reserve Bank of Australia (RBA) continue to keep the official interest rate at the record low of 0.10%. The rate is currently forecast to stay the same until 2024. Unemployment rates are expected to over coming months. An unemployment rate of 6% is expected for the end of 2021.

CADJPY – Daily Chart

CADJPY Daily Chart

Price closed above the horizontal channel resistance area and has since been bullish, as suggested in our last JPY chart analysis.

CADJPY is above the recent consolidation area and has formed a large bullish move. The moving averages are bullish and widening, suggesting that the upside direction could continue.

Long opportunities could exist around any of the key Fib levels, around the bullish moving averages, around the trend support area and around the horizontal levels at 84.65 and 81.80. An attempt to swing higher could be rejected or reverse around the recent highs at 87.85.

The Bank of Canada (BOC) continues to keep rates at the low of 0.25%. The BOC are expecting economic indicators to improve from April 2021 but have confessed that there is a great deal of uncertainty around the current pandemic and the path to economic recovery and growth.

The Bank of Japan (BOJ) continues to keep interest rates at the record low of -0.10%. The Japanese economy is performing well under the current COVID-19 economic crisis, relative to other 1st world countries.

EURJPY – Daily Chart

EURJPY Daily Chart

Price has been bullish, as suggested in our last JPY analysis.

The EURJPY is up-trending. Price action has formed a tight bullish channel and price is moving within the channel. The daily moving averages are bullish and widening, suggesting that the uptrend could continue.

Opportunities to go long may exist around the bullish channel support area, around the dynamic support of the moving averages and around any of the horizontal levels at 128.45, 127.35, 125.15, 121.70 and 119.35. A bullish move could stall or reverse around the recent highs at 130.45 and around the bullish channel resistance area.

The Bank of Japan (BOJ) continues to keep interest rates at the record low of -0.10%. The Japanese economy is performing well under the current COVID-19 economic crisis, relative to other 1st world countries.

The European Central Bank (ECB) continues to keep the official rate at the record low of 0.00%. The ECB have hinted at providing more economic stimulus, if needed.

GBPJPY – Daily Chart

GBPJPY Daily Chart

As suggested in our last JPY chart analysis, GBPJPY has since been bullish.

Price is up-trending. The moving averages are bullish and widening, signalling that the trend could continue.

Buying opportunities could exist around the dynamic support of the moving averages and around any of the horizontal levels at 152.10, 148.80, 144.45 and 142.05.

The Bank of Japan (BOJ) continues to keep interest rates at the record low of -0.10%. The Japanese economy is performing well under the current COVID-19 economic crisis, relative to other 1st world countries.

The Bank of England (BOE) continue to keep rates at the record low at 0.10%. Recent economic figures have been more positive than expected. With the rollout of vaccines and the ease of lockdowns on the horizon, the BOE expect a strong economic rebound during 2021.

USDJPY – Daily Chart

USDJPY Daily Chart

The USDJPY found resistance around the bearish channel resistance area, as suggested in our last JPY chart analysis.

Price has since been bullish and has swung above a number of key resistance levels, suggesting a potential uptrend. The daily moving averages have crossed bullish, confirming the potential upside. On the weekly time-frame, USDJPY is around a key resistance area, suggesting a potential bearish move.

Long opportunities may exist around the dynamic support of the moving averages and around any of the horizontal levels at 109.60, 108.00, 107.00, 106.10 and 104.50. A bullish move could find resistance around 111.30 and 112.00.

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