Today, let’s take a look at the technical analysis for the USD/JPY, EUR/JPY, and GBP/JPY currency pairs against the Japanese Yen.
USD/JPY:
The USD/JPY pair is currently trading at a key support level around 109.00. If the pair breaks below this level, we could see further downside towards 108.50 and 108.00. On the other hand, if the pair manages to hold above 109.00, we could see a bounce towards 109.50 and 110.00.
EUR/JPY:
The EUR/JPY pair is trading within a range between 130.00 and 131.00. A break below 130.00 could lead to a move towards 129.50 and 129.00. Conversely, a break above 131.00 could push the pair towards 131.50 and 132.00.
GBP/JPY:
The GBP/JPY pair is currently testing a key resistance level around 151.00. A break above this level could see the pair rally towards 152.00 and 153.00. On the flip side, if the pair fails to break above 151.00, we could see a pullback towards 150.00 and 149.50.
Overall, the technical outlook for the USD/JPY, EUR/JPY, and GBP/JPY pairs against the Japanese Yen suggests potential trading opportunities based on key support and resistance levels. Traders should keep a close eye on these levels to determine their trading strategy.