Forex crosses technical analysis EURJPY, NZDJPY, AUDJPY, USDSEK, USDNOK, GBPAUD, GBPNZD
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EURJPY is now in consolidation flag/wedge formation. It briefly broke below 120.400 level of the flag but is near the strong support confluence of 100 and 200 SMA. Reaction for 119-119.500 zone is important for further upisde.
The pair is retesting broken wedge and strong upside support 81.500-82 zone. The bounce from this zone could lead to an upside continuation and retest of 83.740. Break below 81.600 will open the downside correction into 79.500.
The pair is holding above strong support 85.200 level also a rectangle bottom. Only in the case of the daily close below this level we could see deeper correction to 83. The upside range level is 87.
The pair has broken the falling trend line and bunced from 200 SMA 8.6975. Now the pair is on its way to test 100 SMA 8.9700 level on the upside. SL on long trades should be below 8.8000.
The pair has bounced from a critical support 8.2000-8.3000 zone and is now facing the first strong upside resistance 8.3472 level. The daily break above this level is needed for the continuation higher.
The pair is moving inside the wedge between 1.6100 and 1.6500. Look for reaction/break of this levels for further direction in the pair. Staying aside for now.
The pair has retested the lower wedge line 1.6800 level and bounced. Still it is in the wedge and long term downtrend. Look for reaction/break of 1.6800 level or upside 1.7300-1.7500 zone.