Forex Analysis – JPY Pairs – November & December 2022

Our previous JPY Forex analysis click here

Technical Analysis

FOREX ANALYSIS: AUDJPY – Up-trending. Market indecision?

As suggested in our last Forex analysis, price was bullish and formed a swing higher.

AUDJPY is clearly up-trending but recent price action is suggesting market indecision. The moving averages confirm this – they are tightening and are moving sideways – so AUDJPY could also start ranging between 91.25-98.25.

Trading opportunities may exist around the moving averages and around any of the identified horizontal levels at 84.00, 86.00, 88.25, 91.25, 95.50, 96.50 and 98.25.

FOREX ANALYSIS: CADJPY – Up-trending

JPY pair Forex chart — CADJPY Daily Chart

Price has continued to be bullish and move higher, as suggested in our last analysis.

CADJPY is clearly up-trending – price action has formed a long series of higher swing highs and higher swing lows. Price is currently bullish but is struggling to break recent highs, signalling that upside momentum could be weakening. The moving averages are bullish and steady, so the uptrend could continue.

Buying opportunities may exist around the dynamic support of the moving averages and around any of the identified horizontal levels at 107.30, 104.50, 102.20 and 98.65. A bullish move could continue to be rejected and even reverse around the recent swing high at 110.00.

FOREX ANALYSIS: EURJPY – Up-trending

EURJPY technical analysis — EURJPY Daily Chart

As suggested in our previous JPY analysis, the EURJPY has been bullish and has continued to uptrend.

Price is clearly up-trending and is currently forming a swing higher. Price action has formed a bullish channel and the moving averages are bullish and steady, so the uptrend could continue.

Long opportunities may exist around the dynamic support of the moving averages, around the bullish channel support area and around any of the horizontal levels at 144.50, 141.50, 138.75, 134.75 and 133.50. EURJPY could stall or reverse around the channel resistance area.

FOREX ANALYSIS: GBPJPY – Up-trending

The GBPJPY was bearish but has since swing higher, as suggested in our previous analysis.

Price continues to uptrend and is currently forming a swing higher. The daily moving averages are bullish and steady, so the uptrend could continue.

Long opportunities may exist around the dynamic support of the moving averages and around the horizontal levels at 168.50, 167.25, 166.50, 160.00, 158.00, 157.00 and 155.00.

FOREX ANALYSIS: USDJPY – Up-trending. Possible bearish move?

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

USDJPY is clearly up-trending – price action has formed a long series of higher swing highs and higher swing lows. Price is currently forming a swing higher but is starting to look overbought on higher time-frames, suggesting a potential bearish retrace move. The moving averages are bullish and steady, so the uptrend may continue.

Opportunities to go long could exist around any of the key Fib levels, around the dynamic support of the moving averages and around the horizontal levels at 139.00, 131.50, 130.75 and 126.50. A bullish move may be rejected or reverse around the recent swing high and psychological level at 150.00.

Fundamental Analysis

Interest Rates

The Bank of England (BOE) have increased it’s official bank rate again. This time by 75bps, so the official rate is now set to 2.25%. This is the 7th consecutive rate hike by the BOE. Further rate hikes are expected.