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Important JPY Pairs Technical Outlook: 30.08.2017

Aug 30 2017, 10:34 AM (CDT) | Fxdailyinfo.com

USDJPY

Even if 108.26 offered much required upside trigger to the USDJPY on Tuesday, the pair presently struggles to clear a month-old descending trend-line resistance, at 110.10, which indicate its pullback to 109.40 and the 109.00 nearby supports. During the pair's follow-on declines after 109.00, the 108.65 and the 108.25 may act as intermediate halts before dragging it towards 61.8% FE level of 107.90. In case if the quote manages to surpass 110.10 TL, it can quickly rise to 110.90 and the 111.50 resistances while 112.30 could restrict its further recovery. Moreover, pair's successful trading above 112.30 rejuvenates expectations for witnessing 112.80 & 113.50 on the screen.

EURJPY

Unlike USDJPY, the EURJPY recently cleared the 131.35 resistance and is aiming the 132.00 upward slanting TL that holds the door for its further advances in direction to 61.8% FE level of 133.10. Should prices keep rallying beyond 133.10, the 133.35-40 and the 134.50 might please Bulls. Alternatively, a daily closing below 131.35, also conquering the 131.00 mark, may fetch the pair to 130.00 and then to the 129.50 rest-points; however, 50-day SMA level of 129.20, adjacent to an ascending trend-line support of 128.30, may try confronting the Bear power. Given the sellers' dominance flash a sub-128.30 figure on the chart, it seems wise to expect 127.45-55 region's comeback.

CADJPY

CADJPY is another JPY pair which is trading close to its near-term resistance. The pair currently aims to challenge the 88.15-25 horizontal-line, break of which can help it visit the 89.00 and then the July high, around 89.70. If at all buyers continue preferring the pair after 89.70, the 90.00 psychological-mark and the 61.8% FE level of 91.10 are likely north-side numbers to entertain them. Meanwhile, 87.30 and the 86.80 may be considered as immediate supports for the pair but an upward slanting TL, at 86.55, can restrict the pair's decline afterwards. In case of the pair's additional downside below 86.55, the 86.00 could play its role of a barrier ahead of reigniting the importance of 85.45-30 region.

CHFJPY

Although CHFJPY trades at the highest level in a month, the 115.35-50 resistance-zone, including 50-day SMA, may confine the pair's additional upside and can trigger its pullback towards 114.50 and the 100-day SMA level of 114.15. In case of the pair's following declines below 114.15, the 113.50 and the ascending TL figure 112.85 should be given proper attention. On the upside, a daily close beyond 115.50 can extend the pair's advances to 116.00 and the 116.40 resistances while 117.00 and the 117.80 seem crucial then after. If at all the optimists keep respecting the pair's north-run above 117.80, the July month high of 118.60 and the 120.00 round-figure might play their roles.

Fxdailyinfo.com

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