USD/JPY, CHF/JPY. Are the Pullbacks Reversals?

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

  • USD/JPY put in a multi-year excessive to begin 2022 however has since dived
  • CHF/JPY additionally made a brand new peak, but it surely too has pulled again inside a pattern
  • JPY seems to be to have discovered some assist for now. Will Yen weak spot resume?

USD/JPY – Technical Analysis

At the beginning of 2022, USD/JPY broke above the March 2017 excessive of 115.505, a stage that had offered resistance on the primary try in November final 12 months.

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

The transfer again down has seen the value transfer under the ten and 21-day easy shifting commons (SMA). The 10-day SMA additionally has a destructive gradient however the 21-day SMA slope stays optimistic.

It additionally moved under the 55-day SMA however that transfer was rejected. It stays above the 100-day SMA and all long-term SMAs.

This may recommend that short-term momentum is stalling however that underlying medium and long-term momentum remains to be bullish. If there’s a transfer again above the ten and 21-day SMAs additional bullish momentum could evolve.

Support may be on the earlier lows and pivot factors of 113.960, 113.483, 113.223, 113.142, 112.727, 112.533, 112.079, 110.802, 109.113 and 108.723.

Chart created in TradingView

CHF/JPY – Technical Analysis

Yen weak spot noticed CHF/JPY make a brand new peak at 127.078 earlier this month. This stage, together with the latest excessive of 125.67 could supply resistance.

CHF/JPY has made a variety of increased highs and better lows over the past 12 months. Accodingly, there are a selection of ascending pattern strains above and under the value, which could recommend {that a} pattern is in play.

It needs to be famous that CHF/JPY has additionally had deep corrections on this pattern, and infrequently traded sideways for prolonged intervals.

The 34 and 55-day easy shifting commons (SMA) might be value looking forward to any deeper correction. The 34-day SMA at present coincides with an ascending pattern line and the 55-day SMA is presently at 126.060, slightly below a latest low.

Support might be at earlier lows and pivot factors of 124.186, 122.670, 122.437, 122.140, 121.211, 118.938 and 117.545 are potential assist ranges.


Chart created in TradingView

— Written by Daniel McCarthy, Strategist for

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

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