Japanese Yen Technical Outlook: USD/JPY, EUR/JPY, GBP/JPY
In the world of forex trading, the Japanese Yen is a major player. Let’s take a look at the technical outlook for three key currency pairs involving the Japanese Yen.
USD/JPY: The USD/JPY pair has been trading in a narrow range recently, with support at 109.50 and resistance at 110.50. A break above 110.50 could lead to further upside, while a break below 109.50 could signal a potential reversal.
EUR/JPY: The EUR/JPY pair has been trending lower, with support at 129.00 and resistance at 130.00. A break below 129.00 could open the door for more downside, while a break above 130.00 could indicate a potential reversal.
GBP/JPY: The GBP/JPY pair has been consolidating in a range between 151.00 and 152.00. A break above 152.00 could lead to further gains, while a break below 151.00 could signal a possible reversal.
Overall, the technical outlook for the Japanese Yen against these major currencies is mixed, with potential for both upside and downside movements. Traders should closely monitor key support and resistance levels for potential trading opportunities.