AUD/JPY’s rally resumes after brief consolidation and reaches as high as 81.35 so far. On the other hand, NZD/JPY and CAD/JPY are both held below corresponding resistance. Ideally, one by one, we’d like to see these three Yen crosses to extend recent up trend to confirm each others’ underlying momentum.
AUD/JPY’s current rise is part of the up trend from 59.89 and should target 61.8% projection of 59.89 to 78.46 from 73.13 at 84.60 next. Break of 80.63 support will bring some more consolidations but outlook will stay bullish as long as 79.18 support holds.
NZD/JPY also recovers after drawing support from 4 hour 55 EMA. But upside is limited below 76.12 temporary top. While more consolidations cannot be ruled out, outlook will stay bullish as long as 74.11 support holds. Break of 76.12 will resume the up trend from 59.49. Next target is 100% projection of 63.45 to 71.66 from 68.86 at 77.07.
Similarly, CAD/JPY rebounds after drawing support from 4 hour 55 EMA, but stays below 82.69 temporary top. Consolidations might extend but outlook will stay bullish as long as 80.96 support holds. Break of 82.69 will resume the up trend from 73.80. Next target is 100% projection of 74.76 to 81.91 from 77.91 at 85.06
