TriumphFX Forex Analysis – JPY Pairs – January, February & March 2021


Previous analysis… https://analysis.dehuifx.com/2020/10/06/triumphfx-forex-analysis-jpy-pairs-october-november-december-2020/

AUDJPY – Daily and 4 Hour Charts

AUDJPY Daily Chart
AUDJPY 4 Hourly Chart

As suggested in our last JPY chart analysis, the AUDJPY reversed around the daily longer-term moving average.

Price has recently closed above the consolidation resistance area, suggesting that AUDJPY may start up-trending. The daily moving averages confirm this – they are bullish and steady. Price action has formed a potential bullish channel on the daily time-frame.

Price is also up-trending on the 4 hour chart. The moving averages are bullish and steady, signalling that the upside direction may continue.

Long opportunities could exist around daily bullish channel support area, around the daily and 4 hourly moving averages, around the 4 hour trend support area and around any of the horizontal levels at 78.20, 77.00, 75.45 and 72.35. the AUDJPY may be rejected or reverse around the daily bullish channel resistance area.

The Reserve Bank of Australia (RBA) have lowered the interest rate to a record low of 0.10%. Unemployment levels are expected to remain high, currently forecast at 8%. The board believe that recovery will be both uneven and bumpy. Low rates and economic stimulus is likely to continue until unemployment levels and other economic indicators are more satisfactory.

The Bank of Japan (BOJ) continues to keep interest rates at the record low of -0.10%. The Japanese economy is performing well under the current COVID-19 economic crisis, relative to other 1st world countries.

CADJPY – Daily and 4 Hour Charts

CADJPY Daily Chart
CADJPY 4 Hourly Chart

As suggested in our last JPY analysis, the CADJPY has been finding resistance around 0.8185.

Price was showing signs of a potential downtrend but is now looking indecisive. The CADJPY has formed a large horizontal channel on the daily time-frame at 78.00-81.85. The moving averages are moving sideways and are tight, confirming the market indecision.

On the 4 hour time-frame, price is up-trending. The 4 hour moving averages are bullish and steady, signalling that the upside momentum may continue.

Trading opportunities could exist around the support and resistance areas of the daily horizontal channel and if price closes out of the channel (break-out trade). A break to the upside may find resistance around 84.50. A break to the downside may find support around 74.80. Buying opportunities could exist around the 4 hour support areas.

The Bank of Japan (BOJ) continues to keep interest rates at the record low of -0.10%. The Japanese economy is performing well under the current COVID-19 economic crisis, relative to other 1st world countries.

The Bank of Canada (BOC) continues to keep rates at the low of 0.25%. Economic figures will likely continue to give choppy indicators, depending on the spread and restrictions of COVID-19. The BOC are expecting to see economic growth from 2021 onward.

EURJPY – Daily and 4 Hour Charts

EURJPY Daily Chart
EURJPY 4 Hourly Chart

As suggested in our last JPY analysis, price reversed around the daily longer-term moving average.

The EURJPY continues to be indecisive on the daily time-frame. Price action has formed a potential horizontal channel at 121.70-126.50. The daily moving averages are tightening and starting to move sideways – confirming the market indecision.

Price is up-trending on the 4 hour time-frame. The EURJPY is currently in a retrace move. The 4 hour moving averages are bullish and widening, signalling that the uptrend may continue.

Trading opportunities could exist around the support and resistance areas of the daily horizontal channel and if the EURJPY moves out of the channel (break-out trade). Long opportunities could exist around the daily and 4 hourly moving averages, around the 4 hour key Fib levels, around the 4 hour trend support area and around the horizontal levels at 125.70, 125.00, 122.85, 119.30, 117.10 and 114.70.

The Bank of Japan (BOJ) continues to keep interest rates at the record low of -0.10%. The Japanese economy is performing well under the current COVID-19 economic crisis, relative to other 1st world countries.

The European Central Bank (ECB) has stated the recurring cycles of coronavirus spread may continue until widespread immunity is achieved. Rates continue at the record low of 0.00%. The ECB have hinted at providing more economic stimulus.

GBPJPY – Daily and 4 Hour Charts

GBPJPY Daily Chart
GBPJPY 4 Hourly Chart

As suggested in our last JPY chart analysis, GBPJPY continues to be indecisive but also slightly bullish.

Price continues to move within a large bullish channel on the daily time-frame. Price is also ranging between 133.85 and 141.85. The daily moving averages are tightening and moving sideways, confirming the current indecision.

On the 4 hour time-frame, GBPJPY has been up-trending. Price has recently closed above a consolidation area, signalling that the upside direction may continue.

Buying opportunities could exist around the daily and 4 hourly moving averages, around the daily bullish channel support area and around any of the horizontal levels at 137.20, 134.75, 133.85, 131.70 and 129.35. A bullish move may be rejected or reverse around the bullish channel resistance area and around any of the horizontal resistance levels at 140.85, 141.85, 144.50 and 147.40.

The Bank of Japan (BOJ) continues to keep interest rates at the record low of -0.10%. The Japanese economy is performing well under the current COVID-19 economic crisis, relative to other 1st world countries.

The Bank of England (BOE) continue to keep rates at the record low at 0.10%. Recent economic figures have been more positive than expected.

USDJPY – Daily and 4 Hour Charts

USDJPY Daily Chart
USDJPY 4 Hourly Chart

The USDJPY has been reversing off the daily bearish channel resistance area and has been swinging lower, as suggested in our last USDJPY chart analysis.

Price continues to downtrend on the daily time-frame. USDJPY is moving within a bearish channel. The daily moving averages are bearish and steady, suggesting that the downtrend could continue. Price has been finding support around the key support level at 103.10 though, signalling a potential bullish reversal area.

USDJPY is down-trending on the 4 hour time-frame also.

Opportunities to go short may exist around the bearish channel resistance area, around the dynamic resistance of the 4 hour and daily moving averages and around any of the horizontal levels at 104.55, 104.75, 105.40, 105.65, 106.00, 106.95, 108.00 and 109.60. A bearish move could be rejected or reverse around 103.10 and around the bearish channel support area.

The Bank of Japan (BOJ) continues to keep interest rates at the record low of -0.10%. The Japanese economy is performing well under the current COVID-19 economic crisis, relative to other 1st world countries.

The Federal Reserve have stated that the health risks associated with COVID will continue to weigh on economic activity, inflation and employment. The current rate is set at 0.25% (record lows). The Fed have suggested that rates may remain low until economic indicators show satisfactory improvement.

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