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

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