The Japanese Yen Depreciates Against Major Peers

• 1 Feb 2018

CHF/JPY

The CHF/JPY pair has broken the upper Bollinger band reaching the 70 overbought line on RSI simultaneously. Although the pair appears overbought,  volume and momentum indicators suggest there is still further upside potential for the pair.

Impact event: Swiss Retail Sales data will be released at 10:15 GMT+2 and will impact all CHF pairs.

CAD/JPY

The CAD/JPY pair is testing the 20-period EMA indicating a potential bullish breakout. RSI confirms bearish momentum, yet MACD remains mildly bearish. A break of the zero line on MACD and a break above the 20-period EMA would be required to confirm the uptrend.

USD/JPY

The USD/JPY pair appears to be making a mild recovery from the 108.25 price line. RSI has also moved away from the 30 oversold line and has an upward trajectory which provides support for the reversal. Buying volume also appears to be rising and the pair’s next price target will likely be the 110.472 level.

Impact event: ISM Manufacturing PMI data will be released at 17:00 GMT+2 and will impact all USD pairs.

EUR/JPY

Weakness in the Japanese yen continues to the EUR/JPY where the pair has also broken the 20-period EMA. RSI indicates there is still further upside potential and MACD remains in bullish territory.