• JPY crosses are bouncing strongly from Fibonacci and/or support levels and rising trendlines
  • Across all JPY crosses the strength indicator RSI is still showing positive sentiment with no divergence supporting higher levels
  • 2-3% higher in the coming days and weeks is in the cards
  • USDJPY could push to 158.46
  • EURJPY to 168.75
  • AUDJPY to 103-104 area
  • GBPJPY to 197-199

USDJPY has rebounded from its 0.786 retracement at 151.75.
The strength indicator RSI is still showing positive sentiment with no divergence. That is a strong suggesting USDJPY is to rebound higher. An RSI close back above 60 threshold will confirm the bullish rebound picture.

A bullish move over the next couple of weeks to the 0.618 retracement at 157.05 is in the cards.
However, according to RSI USDJPY could move to the 0.786 retracement at around 158.46 i.e., at around previous high close.

A break below 151.75 is demolishing the bullish rebound scenario and likely to push USDJPY down to support at around 150.80, possibly down to 149.20.

EURJPY has bounced off the 0.786 retracement at 164.29,  just above the 55 daily Moving Average and just above the lower rising trendline.

A strong rebound is in the cards supported by the strength indicator RSI. RSI is still showing positive sentiment with no divergence: A bullish move over the next few days or weeks to the 0.618 retracement at 168.75 could be seen.

A break below 164.00 will most likely demolish the bullish rebound and send EURJPY down to strong support around 162.30
AUDJPY is rebounding strongly after spiking below the 0.618 retracement to the 100 level last week.

AUDJPY already having bounced to the 0.382 retracement of the correction could ascend further to the 0.618 retracement at 103.05 and even to the 0.786 retracement at 103.90.

A break below 99.90 will most likely reverse the rebound and send AUDJPY down to 99 possibly lower.

GBPJPY closed below the 0.786 retracement last week but found support at the lower rising trendline.

Similar to the other JPY crosses the strength indicator RSI is still showing positive sentiment with no divergence strongly suggesting GBPJPY will rebound higher.

A bullish Engulfing bottom and reversal candle is in the making and if closing above 192.60 it will be confirmed.
A bullish move to the 0.618 retracement at 197.10 would tehn be in the cards. However, a bullish move to the 0.786 retracement at 198.66 is also a possibility.

A break below 191.35 will most likely push GBPJPY down to strong support at around 190.