Yen depreciation leads to rising EUR/JPY, USD/JPY with AUD/USD advancing as well
Yen depreciation leads to verbal intervention but EUR/JPY and USD/JPY still rise. February RBA minutes have little impact on AUD/USD.
EUR/JPY still grapples with resistance
On Monday EUR/JPY only briefly exceeded its ¥161.63 high and rose to ¥162.00 before slipping back to its accelerated uptrend line which earlier today held, though.
Upside pressure should be maintained while the 13 February high at ¥161.63 and, more importantly, Thursday's low at ¥160.92, hold.
If ¥160.92 were to be slid through, last Monday's ¥160.39 low and the 5 February high at ¥160.27 would be back in view.
USD/JPY remains bullish while above ¥149.54
Last week's minor retracement lower in the USD/JPY pair from its four-month high at ¥150.88 to Thursday's ¥149.54 low has been followed by the gradual resumption of the up move.
A rise above last Tuesday's ¥150.88 high is still needed for the October-to-November record highs at ¥150.91-94 to be reached.
A fall through Thursday's low at ¥149.54 would put the ¥148.89-80 support zone back on the map.
AUD/USD flirts with resistance
AUD/USD's tumble from its five-month December high at $0.6871 has taken it to last week's $0.6443 three-month low from which it is still recovering for a potential fifth consecutive day.
The cross needs to overcome Monday's $0.6551 high to reach the 200-day simple moving average (SMA) at $0.6563.
Positive divergence on the daily relative strength index (RSI) still increases the odds of a bullish reversal to form.
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