USD/JPY, CHF/JPY. Where Next After Multi-Year Peaks?

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Japanese Yen, USD/JPY, CHF/JPY – Talking Points

  • USD/JPY leapt greater to kick off 2022 however the transfer lacked follow-through
  • CHF/JPY additionally made a brand new peak, however it was unable to maintain the rally
  • JPY seems to have quick time period momentum in its favour. Will the Yen strengthen?

USD/JPY – Technical Analysis

Last week, USD/JPY broke above the March 2017 excessive of 115.505, a degree that had supplied resistance on the primary try in November final 12 months.

Just previous to that, in October, the November 2017 peak of 114.735 supplied preliminary resistance.

In December 2016, USD/JPY made a excessive at 118.665 which can additionally present preliminary resistance ought to or not it’s examined once more.

This is now a possible pivot level resistance degree at 115.505. The latest excessive of 116.353 may also present resistance.

On that transfer greater final week, it additionally went above the higher 21-day easy transferring common (SMA) primarily based Bollinger Band.

It closed 2 periods outdoors the bands earlier than an in depth inside them. It has since moved decrease and is beneath the 10-day SMA. This may recommend that quick time period bearish momentum is unfolding.

However, the 21, 55 and 100-day SMAs are nonetheless beneath the value and these SMAs could present help on the best way down. If they’re damaged, then extra bearish momentum could evolve.

Support is also on the earlier lows and pivot factors of 114.276, 113.960, 113.223, 113.142, 112.533, 112.079, 110.802, 109.113 and 108.723.

Chart created in TradingView

CHF/JPY – Technical Analysis

CHF/JPY made a 5 12 months excessive final week when it took out the October 2015 peak of 125.945, in addition to the November excessive of final 12 months of 125.515. It has since collapsed again down via these ranges, and so they would possibly now present pivot level resistance.

The new excessive of 127.078 may additionally supply resistance.

The transfer again down has gone beneath the ten and 21-day SMAs which can recommend that quick time period bearish momentum is perhaps creating.

The 34 and 55-day SMAs are presently close to 124.00 and this degree could present help.

Further down, earlier lows and pivot factors of 122.670, 122.437, 122.140, 121.211, 118.938 and 117.545 are potential help ranges.


Chart created in TradingView

— Written by Daniel McCarthy, Strategist for

To contact Daniel, use the feedback part beneath or @DanMcCathyFX on Twitter

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