Yen Pairs Weekly Update - Jan.14 close

USDJPY

Dollar-Yen ended last week at the upper line of the descending channel, while closing at a confluence of the three moving averages on daily charts. I would expect a break of the level to the upside towards daily previous highs at around 84.50, with continuation to 85.50/80 as second target, where we have the weekly SMA34 and daily extensions from the previous swing low, plus SMA200 level. Chart pattern on daily is showing a bullish flag and a further bullish retracement to the weekly 50% Fibonacci level at around psychological level 88.00 is quite possible.

EURJPY

The Euro-Yen bounced up from the base of the descending triangle last week, reaching the middle line of Bollinger Bands in confluence with SMA34. On Daily time frame, price closed barely below the SMA100 and upper band, where I would expect a further push to the SMA200 at around 112.50/70, or at least to match the previous highs at 112.23, before a reversal back to the recent lows and break down for an extension towards 101.50 level, on a longer term view. Daily scope would have to break the previous lows at around 106.90/80 for an extension to support area 104.80/105.40.

GBPJPY

The Geppy reached SMA34 last week and continues inside the descending triangle formation, while daily charts are showing a bell-shaped descending channel. The retest of recently broken support at 129.36 didn’t hold as resistance and it would seem price can attempt to retrace up to the previous weekly highs at 134.10 (38.2%) and reach further to the 50% Fibonacci level and upper Bollinger Band before coming back down to break the bearish continuation weekly triangle pattern. First target on the downside would be the previous support area between 126.70 and 125.60, with a potential for an extension to around psychological level 123.00.