USDJPY is consolidating for the past month; the pair is coming off today as sellers emerged at 98.83 sending the USDJPY downwards. Currently the pair is trading at support levels, just above the resistance trend line set from September high. A break below current levels targets the monthly lows next at 97.75. Alternatively a break above yesterday’s highs at 98.83 would be a bullish signal.
GBPJPY is currently trading near the monthly lows posted on November 1st. The GBPJPY has been rallying higher since early august. Price action has formed higher highs and higher lows which is indicative of a bullish trend. The bullish trend might have terminated as the price action formed a double top pattern which is a signal for a change in the trend. The pair came off nearly 300 pips from the highs posted on October. A break below the monthly lows targets 156.18 next. Alternatively a break above 157.80, the monthly highs would be a bullish signal.
EURJPY has been in a bullish trend since MID June. The EURJPY has formed a double top last month on October as the pair couldn’t break the OCT highs at 135.48. Sellers emerged at this level sending the pair down nearly 300 pips. The EURJPY is currently trading at monthly lows. Support is at 132.40, a break below targets 131.53. Alternatively above 133.68 would be a bullish sign.