- Prices have consolidated above 110.59 for the prior six sessions.
- Bullish pressure is building above 110.59 support, in line with the bullish trend.
- A break above 111.54 assumes a run towards the 113.17/39 highs.
USD/JPY Daily Chart
- An elongated candle forms part of a prominent swing low within a bullish channel.
- The 113.25/49 highs are in focus for bulls.
- With few obvious areas of resistance above 113.49, we can also use the bullish channel for price objectives.
CHF/JPY Daily Chart
- Oscillating between 80.50-84.53 since March.
- Currently midway within the range, a prominent lower high with a bearish engulfing candle warns of further weakness.
- A break of 81.81 opens up a run towards the 80.50/63 lows.
AUD/JPY Daily Chart