Japanese Yen Technical Analysis: USD/JPY, EUR/JPY, GBP/JPY

USD/JPY has continued to brew bear traps after sellers failed to run at this week’s open. Last Friday printed a bearish engulf in USD/JPY and the week initially opened with a continuation of that weakness as bears pushed back-below 150.00. But that move couldn’t last, and it was around the Euro open on Monday when the pair bottomed and began to push the other way.

At this point, USD/JPY is now working on its second consecutive higher-low with a hold of support at the same 149.23 level that I’ve been tracking. Bulls are making some headway above 150 and that’s the price that has held the highs for the past couple of days, and 150.77 and 151.51 lurk overhead.

For Yen-strength, EUR/JPY could remain as a more attractive venue and the pair is now testing a trendline as taken from recent lower-highs.

For Yen-weakness, I still remain of the mind that GBP/JPY could be a more attractive venue, although the pair has yet to show much strength beyond the 195.00 level, which highlights a familiar area on the chart to track for higher-low support.

The Tuesday webinar:

Last week’s JPY video:

To see all prior webinars, the link below will take you there: Price Action Webinar Archive Playlist-

James Stanley’s video playlist:

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