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Yen depreciation leads to rising EUR/JPY, USD/JPY with AUD/USD advancing as well

​​​Yen depreciation leads to verbal intervention but EUR/JPY and USD/JPY still rise. February RBA minutes have little impact on AUD/USD.​​

Yen Source: Bloomberg

​​​EUR/JPY still grapples with resistance

On Monday EUR/JPY only briefly exceeded its ¥161.63 high and rose to ¥162.00 before slipping back to its accelerated uptrend line which earlier today held, though.

Upside pressure should be maintained while the 13 February high at ¥161.63 and, more importantly, Thursday's low at  ¥160.92, hold.

If ¥160.92 were to be slid through, last Monday's ¥160.39 low and the 5 February high at ¥160.27 would be back in view.

EUR/JPY chart Source: TradingView
EUR/JPY chart Source: TradingView

​USD/JPY remains bullish while above ¥149.54

Last week's minor retracement lower in the USD/JPY pair from its four-month high at ¥150.88 to Thursday's  ¥149.54 low has been followed by the gradual resumption of the up move.

A rise above last Tuesday's ¥150.88 high is still needed for the October-to-November record highs at ¥150.91-94 to be reached.

A fall through Thursday's low at ¥149.54 would put the ¥148.89-80 support zone back on the map.

USD/JPY chart Source: TradingView
USD/JPY chart Source: TradingView

​AUD/USD flirts with resistance

AUD/USD's tumble from its five-month December high at $0.6871 has taken it to last week's $0.6443 three-month low from which it is still recovering for a potential fifth consecutive day.

The cross needs to overcome Monday's $0.6551 high to reach the 200-day simple moving average (SMA) at $0.6563.

Positive divergence on the daily relative strength index (RSI) still increases the odds of a bullish reversal to form.

AUD/USD chart Source: TradingView
AUD/USD chart Source: TradingView

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