The Yen pairs & possible targets by Mary McNamara

The Yen pairs are an interesting case at the moment. The U/J often provides the lead here but with with a weaker USD yet stronger stocks it doesn’t seem to know if it should be coming or going!

U/J: in a bit of limbo below 110 resistance. Will it follow the USD lower or stocks higher? I have no idea so think this is best left for the short term:

U/J 4hr:

UJ4

U/J 4hr Cloud: checking out what below the Cloud is like:

UJ4Cloud

U/J daily: I still consider that the 105.5 level could be tested here as part of any pull back move. This has been a key S/R level for this pair and is near the 61.8% fib of the recent bull move:

UJdaily

E/J: EUR strength has given this pair a lift and helped it to break up and out of a descending channel but it hasn’t broken above 4hr Cloud resistance yet. The key 140 level is just above the 61.8% fib and might offer a target for any bullish continuation. This pair is trading within a larger triangle pattern on the weekly chart. Be cautious around ECB President Draghi’s speech:

E/J 4hr:

EJ4

E/J 4hr Cloud:

EJ4hrCloud

E/J weekly: showing this pair within a larger triangle pattern AND also the importance of the 140 level:

EJweekly

A/J: this pair has struggled below the S/R level of 96 but recent AUD strength has helped this pair to make a bullish breakout from a descending wedge pattern. Any close above the 96 level would tie in with a close above the 4hr Cloud and suggest a possible long trade. The 97 level is near the 61.8% fib of the recent bear move and would make a reasonable target. Watch for any reaction to today’s AUD Employment data:

A/J 4hr:

AJ4

A/J 4hr Cloud: note how a close above 96 would tie in with a close above the 4hr Cloud:

AJ4hrCloud

GBP/JPY: this is also a bit higher on the back of relative GBP strength. I had thought the 173 level would be tested and we almost got there but that may be it for the reversal now. Price is still below the 4hr Cloud but any new close above this region would be bullish. The 179 would be the obvious target here, as per my w/e analysis. There is important GBP rate data tonight that will impact this pair. 

GBP/JPY 4hr:

GJ4hr

GBP/JPY 4hr Cloud:

GJ4hrCloud

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