What are the key technical clues

The US stock market can have an impact on the JPY crosses. Well the stock market is not doing a whole heck of a lot today with the S&P down -0.20% and the Nasdaq down -0.12%. So as a result we are not seeing a heck of a lot in some of the JPY crosses. Nevertheless, there will be a break at some point and technical clues can tip the scales. So here are the levels of interest to me for the major JPY cross pairs.

EURJPY

The EURJPY is stuck between resistance above at the 100 hour MA (blue line in the chart below) and support at trend line support at 114.00. That will have to give way at some point. When it does, look for a break and run.

GBPJPY

The GBPJPY rallied on Friday above the 100 hour MA. That was the first time above that MA on the hourly chart since just before the crash on October 7th. That break failed and by the end of trading on Friday, the price had moved back below the 100 hour MA.

Today, that MA has acted as a ceiling including in the currently hour bar. ON the downside, I cannot really brag about how the sellers are in full control. A lower trend line was broken and that should have triggered some selling (see blue circles in the chart below). Instead of consistent selling, we got up and down action above and below the trend line.

So if the market is to break (one way or the other), we need to see a break and run away from the break point (trend line on the downside and 100 hour MA on the upside).

AUDJPY

Taking a broad look from the daily chart, the AUDJPY has resistance above at the 200 day MA and trend line at the 0.8018 area. On the downside support comes in at the 100 day MA at 0.7783 (blue line in the chart below).

Drilling down into the hourly chart, the pair has had resistance at the 79.00 level. There were 5 separate swing highs against that level and each sent the price lower. ON Friday, that line was broken. The price moved higher (to a high of 79.724. Today that old ceiling (now a floor) was broken twice. Each time - you guessed it - it failed. We have moved up modestly, but from this chart, the buyers are still more in control/the sellers need to push the price back below the 79.00 area. If they do, there is more work to do at the 100 and 200 hour MAs (blue and green lines) but the 1st level would have been broken. ON the topside, the high at 79.724 and then the 200 day MA (at 80.188) become the key targets.