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EUR/JPY, USD/JPY slip amid speculation BoJ may raise rates while AUD/USD bounces off support​

​​​EUR/JPY, USD/JPY slip amid speculation BoJ may raise rates next month while AUD/USD bounces off support.​​

Forex Source: Adobe images
Forex Shares Japanese yen USD/JPY EUR/JPY AUD/USD
Written by: Axel Rudolph | Market Analyst, London
Publication date:

​​​EUR/JPY slips further still

EUR/JPY's fall through Friday's ¥159.91 low made us neutralise our medium-term outlook with the late September low at ¥158.11 representing a possible downside target.

​Resistance can now be spotted between the 19 November low and the 55-day simple moving average (SMA) at ¥161.49-to-¥162.35. Further up lies the ¥163.60 October peak.

EUR/JPY chart Source: TradingView.com
EUR/JPY chart Source: TradingView.com

​USD/JPY probes support

USD/JPY weighs on the 200-day SMA at ¥151.95 below which lies the 6 November low at ¥151.30. This level needs to hold for the medium-term uptrend to stay intact.

​Minor resistance can now be made out around the 19 November low at ¥153.29.

USD/JPY chart Source: TradingView.com
USD/JPY chart Source: TradingView.com

​AUD/USD bounces off support

AUD/USD revisited but then bounced off its November low at $0.6435 and once again aims for Monday's high at $0.6549. Further up the September-to-November downtrend line can be seen at $0.6571.

​Minor support sits at Friday's $0.6472 low.

AUD/USD chart Source: TradingView.com
AUD/USD chart Source: TradingView.com

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Clients can lose more than they deposit. All trading involves risk.

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