With today's and strained US-China trade relations, JPY crosses have continued to garner attention. So today we look at the daily charts of , and to highlight key levels and patterns.
- After coiling and failing to break above the June ’15 trendline, JPY is attempting to break the March trendline.
- The bias is for a move towards 111.38 whilst 113.24 caps as resistance.
- Expect the pair to be sensitive to today’s NFP report and any US-China trade headlines.
USDJPY Daily Chart
- A bearish breakout has invalidated a bullish channel.
- We’d like to see prices consolidate before its next leg lower. Look for 84.61 or the lower trendline to cap as resistance.
- A break beneath 83.63 brings the 82.17 and 80.54 lows into focus. Keep an eye on CAD employment figures alongside NFP.
CADJPY Daily Chart
- Near-term momentum favours bullish setups within the ascending channel.
- However, a stronger downtrend has dominated momentum since a bearish pinbar high.
- Target (NYSE:) the 114.41 high or upper trendline whilst within the channel or wait for a break of 112.86 to confirm resumption of its downtrend.
CHFJPY Daily Chart