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Thursday, June 24, 2021

JPY battling some big resistance levels: Key ones to watch on 5 crosses

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Bank of America on the yen

Bank of America on the yen

Bank of America Global Research discusses the technical outlook for 5 JPY crosses.

GBP/JPY is
testing multiple time frame resistances including the top of a channel
on its daily chart, the 1Q18 peak and a trend line on the monthly chart
that began in 2008. This is all in the 155-156 area

AUD/JPY is testing resistance at the 200wk SMA (84.75), has some bearish divergence and bearishly broke its trend line from the 1Q20 COVID-19 low,” BofA notes. 

CHF/JPYhas
two sell signals this week from the TD Sequential indicator on its
weekly chart. In the past, price went down one week later 73% of the
time and down eight weeks later 69% of the time

CAD/JPY has a three peaked price / RSI / MACD bearish divergence while it faces a historically relevant pivot level in the 91s.

USD/JPYcontinues to battle 110 and the YTD highs at 110.97 that produced a false break and bearish reversal. If MACD continues to roll over to a bearish cross it may see the top of the cloud at 106.70 before ripping to 112.40. Otherwise a breakout points to 112.40 and 114.20,” BofA adds.

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