Japanese Yen Technical Outlook: USD/JPY, EUR/JPY, GBP/JPY
The Japanese Yen continues to show strength against major currencies such as the US Dollar, Euro, and British Pound. Let’s take a closer look at the technical outlook for these currency pairs.
USD/JPY: The USD/JPY pair has been trading in a downtrend, with the Yen gaining ground against the Dollar. The pair is currently testing key support levels around the 108.50 mark. If this level is broken, we could see further downside towards the 107.50 support area. On the upside, resistance is seen around the 109.50 level. Traders should keep a close eye on key support and resistance levels for potential trading opportunities.
EUR/JPY: The EUR/JPY pair has also been trading lower, with the Yen outperforming the Euro. The pair is currently consolidating around the 129.00 level, with support seen around 128.50. If this level is breached, we could see a move towards the 127.50 support area. Resistance is seen around the 130.50 level. Traders should watch for a breakout from the current range for potential trading opportunities.
GBP/JPY: The GBP/JPY pair has been in a downtrend, with the Yen strengthening against the British Pound. The pair is currently testing key support levels around the 151.00 mark. If this level is broken, we could see further downside towards the 150.00 support area. On the upside, resistance is seen around the 152.50 level. Traders should monitor key support and resistance levels for potential trading setups.
In conclusion, the Japanese Yen continues to show strength against major currencies, with key support and resistance levels to watch for potential trading opportunities in the USD/JPY, EUR/JPY, and GBP/JPY pairs.