EUR/JPY and USD/JPY rise on yen weakness while AUD/USD hovers above recent lows
Yen weakness drives EUR/JPY and USD/JPY higher as AUDUSD slips despite Australia consumer confidence hitting a 20-month high.
EUR/JPY probes resistance
EUR/JPY once again probes the November-to-February downtrend line at ¥161.18 on its way to Friday's ¥161.26 high. If exceeded, the mid-January high at ¥161.86 would likely be eyed next.
Minor support below Monday's ¥160.39 low can be seen around the 5 February high at ¥160.27. While the early February low at ¥158.08 holds, the three-month medium-term uptrend remains intact. While the early February low at ¥158.08 holds, the three-month medium-term uptrend remains intact.
USD/JPY continues its ascent
USD/JPY is seen heading towards the minor psychological ¥150.00 mark. Upside pressure should be maintained while Wednesday’s low at ¥147.62 underpins on a daily chart closing basis.
Below it sits the 31 January ¥147.90 high and lies the December-to-February uptrend line at ¥147.76. The medium-term uptrend will remain intact while the current February low at ¥145.90 holds.
AUD/USD range trades above its near three-month low
AUD/USD decline from its five-month December high at $0.6871 has taken the cross to last week’s low at $0.6469 before it recovered to Monday’s $0.6543 high from which it is currently slipping back.
Only a fall through $0.6469 would target the 11 October high at $0.6445, ahead of the August, early September and mid-November 2023 lows at $0.6365 to $0.6339, though.
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