Weaker Yen Looks Promising: USD/JPY, NZD/JPY, GBP/JPY


At the beginning of December, we could have few hot topics for forex traders. Trade Wars, all time highs on stocks or Brexit. Quite surprisingly, our attention shifts towards yen, which is quietly weakening across the globe.

The first pair is the , where on Wednesday, the pair broke two ultra-important mid-term resistances. The first one is the horizontal one around 109.3, which is with us since May and the second one the dynamic one (orange), which can be also described as a neckline of the iH&S formation. As long as we stay above those two lines, the sentiment is definitely positive.

The second pair is the , where the last few days were really great for the buyers. The weakness of the JPY is just part of the equation. The strength of the New Zealand currency is an additional bullish factor here. Apart from breaking a crucial horizontal resistance, the price broke also the blue down trendline. NZD/JPY closing a day above that resistance will be a legitimate buy signal.

The last one is the , where the price is trying to escape from the rectangle sideways trend, which started almost 7 weeks ago. Once the price will close a day above the upper orange line, we will get a proper buy signal.

Weaker Yen Looks Promising: USD/JPY, NZD/JPY, GBP/JPY

Axiory Analysis

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Source link