CADJPY
CHFJPY
NZDJPY
CADJPY CADJPY has plummeted this past week and tested the 101 figure yesterday. The next support area is the 7/11 low at 100.57. A break below there would expose the 78.6% fibo of 98.25-104.39 at 99.57. Daily oscillators are bearish as CCI is close to -100 (indicating extreme downward momentum) and RSI is less than 50. Also particularly bearish is the fact that the pair closed below the 200 day SMA yesterday. The pair has bounced from yesterdays 101.02 low and a continued bounce encounters resistance from yesterdays high at 101.79.
CHFJPY CHF/JPY has come into a support zone defined by a series of daily lows notably the 6/20 low at 92.41 and the 7/11 low at 92.61. Yesterdays low bounced at 92.60. Trading could be choppy in this congestion area but a break lower could give way to the 38.2% fibo of 87.65-94.30 at 91.76. Until then, a continuation of strength off of the lower Bollinger band on the daily probes yesterdays high at 93.23.
NZDJPY NZDJPY is also coming into a support area from a supporting trendline (that begins at the 5/15 low at 67.76). The support line is near 70.00 and current price is at 70.75. The decline from 73.33 (7/26 high) appears to have just finished a corrective wave (the recent bounce from 70.28 to 71.02). Thus, allow for a dip below the 70.28 low (7/31 low) to complete a 5 wave decline from 73.33 before a move higher. Initial resistance is at yesterdays 71.02 high.
Al Bawaba
