TriumphFX Interday Forex Analysis – JPY Pairs – August, September, October 2022


Previous analysis… https://analysis.tfxi.com/2022/03/25/triumphfx-forex-analysis-jpy-pairs-april-may-june-2022/

AUDJPY Analysis – Daily Chart – Up-trending

AUDJPY Daily Chart

As suggested in our last chart analysis, price has been bullish and has been swinging higher.

The AUDJPY is clearly up-trending – price action has formed a series of higher swing highs and higher swing lows. The moving averages are bullish and steady, suggesting that the uptrend may continue. Price is currently moving sideways though and has formed a range at 91.85-95.60.

Opportunities to go long could exist around the dynamic support of the moving averages, around the range support area and around the horizontal levels at 88.30, 86.00 and 84.05. A bullish move may be rejected or reverse around 95.60 and 96.65.

The Reserve Bank of Australia (RBA) has increased rates again, by another 0.50% to 1.85%. The rate increases throughout 2022 have been to tackle rising inflation. The RBA have stated that the economic outlook is cloudy, due to the war in Ukraine and China’s anti-COVID measures.

The Bank of Japan (BOJ) continues to keep interest rates at the record low of -0.10%. The Japanese economy is making a steady but moderate recovery from the COVID crisis but not as great as initially thought – inflation and a resurgence of COVID cases are weighing on the Japanese economy.

CADJPY Analysis – Daily Chart – Up-trending. Currently ranging

CADJPY Daily Chart

CADJPY retraced and has since continued to trend, as suggested in our last chart analysis.

Price is clearly up-trending – price action has formed a series of higher swing highs and higher swing lows. Price is currently in a retrace move and is finding support around the shorter-term moving average. The moving averages are bullish and steady, signalling that the uptrend may continue. The CADJPY is currently ranging between 102.15 and 107.30 though. A break to the downside of the range may signal the end of the trend.

Trading opportunities may exist around the support and resistance areas of the range and if price moves out of the range (break-out trade). A break to the downside may find support around any of the horizontal levels at 98.65, 92.80, 91.70, 89.75, 87.70 and 85.15. Trading opportunities could also exist around the bullish move averages.

The Bank of Canada (BOC) has raised it’s interest rate by an entire percent, increasing the official bank rate to 2.5%. The BOC have announced that further hikes are expected to tackle rising inflation.

The Bank of Japan (BOJ) continues to keep interest rates at the record low of -0.10%. The Japanese economy is making a steady but moderate recovery from the COVID crisis but not as great as initially thought – inflation and a resurgence of COVID cases are weighing on the Japanese economy.

EURJPY Analysis – Daily Chart – Up-trending

EURJPY Daily Chart

Price has been bullish.

The EURJPY was indecisive but recent price action has been bullish and has formed an uptrend. Price is currently in a retrace move and is testing the longer-term moving average. The moving averages are bullish and steady, signalling that the uptrend may continue.

Long opportunities could exist around the longer-term moving average and around any of the horizontal levels at 133.50, 132.50 and 128.40. A bullish move may be rejected or reverse around the shorter-term moving average and around the horizontal resistance levels at 139.50, 141.50 and 144.00.

The European Central Bank (ECB) continues to keep the official rate at the record low of 0.00%. The ECB expect the war in Ukraine to have an economical and inflationary impact, due to higher energy and commodity prices.

The Reserve Bank of Australia (RBA) has increased rates again, by another 0.50% to 1.85%. The rate increases throughout 2022 have been to tackle rising inflation. The RBA have stated that the economic outlook is cloudy, due to the war in Ukraine and China’s anti-COVID measures.

GBPJPY Analysis – Daily Chart – Up-trending. End of the trend?

GBPJPY Daily Chart

As suggested in our previous chart analysis, GBPJPY reversed off the longer-term moving average and has been bullish.

GBPJPY is up-trending – price action has formed a series of higher swing highs and higher swing lows. Price is currently in a retrace move and is testing the longer-term moving average. The most recent swing high was only slightly higher than the previous one, signalling that upside momentum may be weakening – the uptrend may becoming to an end. The moving averages suggest potential market indecision – they are starting to tighten.

Buying opportunities may exist around the longer-term moving average and around the horizontal levels at 158.10, 157.50 and 157.00. A bullish move may be rejected or reverse around the longer-term moving average, around the diagonal resistance area and around the horizontal levels at 161.00, 165.80, 167.15 and 168.50.

The Bank of Japan (BOJ) continues to keep interest rates at the record low of -0.10%. The Japanese economy is making a steady but moderate recovery from the COVID crisis but not as great as initially thought – inflation and a resurgence of COVID cases are weighing on the Japanese economy.

The Bank of England (BOE) have increased it’s official bank rate again. This time by 0.50% – it’s biggest rate increase since 1995! The official rate is now set to 1.75%. This is the 6th consecutive rate hike by the BOE. Further rate hikes are expected. The BOE has announced a potential recession by the end of 2022, which could last throughout 2023.

USDJPY Analysis – Daily Chart – Clearly Up-trending

USDJPY Daily Chart

Price has been bullish and has continued to uptrend, as suggested in our last analysis.

The USDJPY is clearly up-trending. Price is in a retrace move and is testing the shorter-term moving average. The daily moving averages are bullish and steady, suggesting that the uptrend could continue. Price action has formed a potential trend support area.

Opportunities to go long may exist around the dynamic support of the moving averages, around the potential trend support area and around the horizontal levels at 131.35, 130.75 and 126.65. A bullish move could find resistance around the recent swing high at 138.90.

The Federal Reserve has raised the official funds rate by an additional 0.75% – it’s fourth rate hike in 2022. The rate is currently now set at 2.5%. The increase in rates is to tackle rising inflation. The Fed currently plan to increase rates further – economists expecting a rate of around 3.25% by the end of 2022.

The Bank of Japan (BOJ) continues to keep interest rates at the record low of -0.10%. The Japanese economy is making a steady but moderate recovery from the COVID crisis but not as great as initially thought – inflation and a resurgence of COVID cases are weighing on the Japanese economy.

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