Yen Pairs Weekly Update - March 25/30 close

USDJPY

The Dollar-Yen performed a tighter consolidation than expected, ending on a weekly inside bar which closed at the broken lower line of the triangle at 81.50, and with a push to the daily middle line of the Bollinger bands on Friday after a series of small dojis throughout the week. This week has seen a strong surge towards the daily SMA200, weekly SMA34 and previous highs at 83.20, where price is presently accumulating again in the 82.80/83.20 range. I would expect a break of the upper weekly triangle line and continuation towards round number 84.00, but we might see first a correction to level 82.00 before the resuming of the bullish move.

EURJPY

Last week ended on a doji after some tight consolidation above the daily middle line of the Bollinger bands. On Tuesday price broke through two resistance levels at 115.50 and round number 116.00 and we are now heading towards our expected targets at 119.00/50 in a 138.2% Fibonacci extension on the recent swing high.

GBPJPY

The consolidation area for the Geppy last week was a little wider than expected, ranging between 130.40 and 132.80. This week has seen an upwards surge bringing this pair above the three daily moving averages, presently trading at 133.65 and most probably heading for a retest of the highs at 135.20/50 as a first bullish target.