Daily Forex Technicals | Written by DailyFX | Jul 30 08 19:56 GMT |

Yen Crosses Bearish at least in the Short Term EURJPY Under the preferred count, a triangle is complete at 158.60 (view a daily to see waves A and B). The rally that followed is in 5 waves but is small relative to the triangle, making it likely that the advance is the first wave of the terminal thrust. A bullish bias is warranted against 158.60 but with 5 waves up from there, the EURJPY should correct lower. Expect decline over the next week(s). Support begins at 165.50. GBPJPY As long as 219.30 is intact, we are treating the advance from 192.60 as a corrective 4th wave. Within the advance, the rally from 199.79 would equal the 192.60-208.94 rally at 216.13, very close to the 7/23 high at 215.84. On the short term charts, the drop from 215.83 does look impulsive so a cautious bearish bias is warranted against there. The minimum objective is below 211.59. CHFJPY The big picture focus remains on the A-B-C advance from the 2000 low at 58.82. Wave C would equal wave A (arithmetically) at 112.27 but waves A and C do not have to be equal. The advance has already satisfied minimum expectations and a long time support line has acted as resistance since December 2007. A break above this line argues for an extension towards 112. It is best to remain bullish against 98.27 and buy sharp pullbacks against there (unless the decline becomes impulsive). Fibo support begins at 102.50 and extends to 100.87. CADJPY There is no change to the bearish outlook for the CADJPY. “Price below 109.62 keeps the series of lower highs (and lower lows) intact; which is the definition of a bear market. The 200 day SMA is at 106.78 and provided resistance on 7/23.” Price has fallen below the line and remained there since 7/24, indicating that bears are in control. AUDJPY The AUDJPY advance from 88.14 MAY be complete as a double zigzag at 104.45. It is also possible that this rally is the first leg of a complex correction. Regardless, the trend should be down for the next few weeks. Fibo support does not begin until 98.22. NZDJPY The NZDJPY has traded sideways since August 2007. There is no doubt that the action since is a correction, probably a triangle. A bearish break of the triangle is expected eventually but it does not appear that the triangle is complete. A push through the May 2008 high could complete wave E of the triangle and give way to lower prices. Coming under 76.71 would present a bearish break opportunity against 83.02 TREND ANALYSIS is based on a rolling pivot model. LONG TERM TREND is determined by the last 3 months of price data (high, low, close). SHORT TERM TREND is determined by the last 4 weeks of price data (high, low, close). R3, R2, R1, PL, PH, S1, S2, and S3 are provided to aid in identifying entries and exits. These are objective measures and our subjective analysis (STRATEGY) may differ. DailyFX Disclaimer Investment in the currency exchange is highly speculative and should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only. Accordingly we make no warranties or guarantees in respect of the content. The publications herein do not take into account the investment objectives, financial situation or particular needs of any particular person. Investors should obtain individual financial advice based on their own particular circumstances before making an investment decision on the basis of the recommendations in this website. While we try to ensure that all of the information provided on this website is kept up-to-date and accurate we accept no responsibility for any use made of the information provided. All intellectual property rights are the property of Daily FX. Daily FX and its affiliates, will not be held responsible for the reliability or accuracy of the information available on this site. The content herein is provided in good faith and believed to be accurate, however, there are no explicit or implicit warranties of accuracy or timeliness made by Daily FX or its affiliates. The reader agrees not to hold Daily FX or any of its affiliates liable for decisions that are based on information from this website. Daily FX highly recommends that before making a decision, the reader collects several opinions related to the decision and verifies facts from at least several independent sources.