Technical Check - EURJPY, AUDJPY and CHFJPY

September 24, 2015 13:59

EURJPY

The pair's recovery from 132.00 odd level to 137.00 mark failed to lift it beyond a short-term descending trend-line resistance. The pair subsequently dropped back below 200-day SMA support, near 135.00 mark, to retest 133.00 mark support and is currently trading above 134.00 mark. From current levels 135.00 mark, representing 38.2% Fib. retracement level of Dec. 2014 to April 2015 downfall, seems to provide immediate resistance. Move above this immediate resistance might provide further upside momentum towards its next major resistance near 136.70-80 zone. Any up-move beyond 136.70-80 resistance now seems capped at the very important descending trend-line resistance, currently near 138.00 mark, also coinciding with 50% Fib. retracement level. On the downside, weakness below 133.00 mark immediate support seems to drag the pair back towards 132.00 mark support, representing 23.6% Fib. retracement level. Decisive break below 132.00 mark now seems to trigger a fresh leg of downward momentum initially towards 129.00 mark support and eventually towards 127.00 mark support, marking daily closing low level earlier tested in April.

AUDJPY

Reversal from 50% Fib. retracement level of the pair's steep fall in August extended further taking the pair back towards 83.00 mark. From current levels the pair seems vulnerable to continue drifting lower to retest the very important support near 82.00 mark, earlier tested in Aug. and Sept. 2015. Should the pair. Should the pair fail to hold this important support, it seems more likely to extend its downward trajectory further towards testing 61.8% Fib. expansion level support near 80.60-50 zone. Alternatively, should the pair attempt any recovery from current level, it is likely to confront immediate resistance near 83.80 region. This is followed by resistance at 23.6% Fib. retracement level, near 84.50-60 zone. Only a decisive strength back above 23.6% Fib. retracement level resistance now seems to negate any near-term bearish outlook for the pair, thus paving way for further recovery initially towards 38.2% Fib. retracement level resistance near 86.00 mark and eventually towards the very important resistance near 87.40-50 region, marked by 50% Fib. retracement level.

CHFJPY

The pair remains within a well-established down-trend as depicted by formation of a descending trend-channel on daily chart. After failing to conquer 125.00 mark immediate strong resistance, the pair fell back to retest 122.30-20 immediate strong support. The pair, however, has managed to recover from those lower levels and is currently trading near 123.00 mark. Recovery from important support is likely to face immediate resistance near 123.40-50 area, which if conquered has the potential to lift the pair back towards retesting the very important 125.00 mark resistance, now also coinciding with the upper trend-line resistance of the descending channel. Meanwhile, a break below 122.20-122.00 mark important support opens room for extension of the pair's downward trajectory back towards its next major support near 120.00 psychological mark support, also coinciding with the lower trend-line support of the channel. Considering the pair's well-established downward momentum, only a decisive break-through above 125.00 mark might negate expectations of any further bearish momentum in the near-term.

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