Japanese Yen Outlook, AUD/JPY, EUR/JPY, JPY Technical Analysis– Talking Points: Japanese Yen may extend its current decrease after snapping essential trend assistance and moving into oversold area for the second time in 2020. EUR/JPY rates due for a pullback as RSI divergence recommends exhaustion and rate sculpts out a bearish Rising Wedge pattern. AUD/JPY tracking in Ascending Triangle hints at possible bullish breakout in the coming days. Regardless of a fairly bleak basic backdrop, the haven-associated Japanese Yen seems poised to extend its 5-month decrease against its major counterparts after snapping its 6-year uptrend and sliding into oversold area for the second time this year. Japanese Yen Index ** Daily ChartJPY Index daily chart developed utilizing TradingView ** JPY Index averages CAD/JPY, EUR/JPY, AUD/JPY, GBP/JPY Directed lower by the sag extending from the yearly high set in March, JPY crashed through its 2014 uptrend earlier this month prior to discovering assistance at the February low. Although RSI divergence suggests a degree of underlying fatigue in the recent sag, the oscillator continues to track below 30 and in oversold territory. This could be indicative of further losses in the near-term for the Japanese Yen.However, with the February low topping the downside for the time-being a corrective rally to evaluate the March sag may be most likely in the coming days. The advancement of the trend-defining 50-day moving average likewise hints at a possible correction, as it notably flattens out after crossing listed below its slower 200-period counterpart. The course of least resistance for the safe sanctuary currency appears to be lower, with a break and close listed below the February lows needed to validate bearish capacity.

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of customers are net long.

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of customers are net short.

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EUR/JPY Daily Chart– Rising Wedge Pattern Threatens UptrendEUR/JPY everyday chart produced using TradingViewA Hanging Man candle light simply shy of the April 2019 high (126.80 ), combined with significant RSI divergence, might indicate the end of the EUR/JPY exchange rates 10.8% rise from the May low (114.39) to set a fresh annual high on August 13 (126.75 ). That being stated, the positive steepening of the 50- (122.85) and 200-DMA (120.88) recommends a general shift in sentiment from bearish to bullish and could see any pullback in EUR/JPY rates considerably supported by an increase of purchasers.

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AUD/JPY Daily Chart– Triple Top or Ascending Triangle?AUD/ JPY everyday chart produced utilizing TradingViewAUD/JPY rates appear to have actually sculpted an Ascending Triangle pattern at key resistance, with a series of lower lows and stagnant highs signalling that sellers may be running out of steam as they attempt to protect the mentally pivotal 77 level. Moreover, the RSI looks to be getting ready for a push into overbought territory as it hovers in bullish territory above 60 and could stir purchasing pressure if it breaks above its downtrend extending from annual extremes. Overbought readings would probably accompany AUD/JPY climbing up above essential resistance at the June high (76.78) and possibly verify a topside break of the bullish Ascending Triangle continuation pattern.An indicated measured move suggests rate could press to check the 81 level for the very first time given that April 2019. Alternatively, a break of pattern support would revoke the bullish pattern and could fire up a pullback to the 200-day moving average (73.15) and 61.8% Fibonacci (72.72 ).

— Written by Daniel Moss, Analyst for DailyFXFollow me on Twitter @DanielGMoss.

of customers are net short.

of customers are net long.

Japanese Yen Outlook, AUD/JPY, EUR/JPY, JPY Technical Analysis– Talking Points: Japanese Yen may extend its current decrease after snapping key trend assistance and sliding into oversold area for the second time in 2020. In spite of a relatively bleak essential background, the haven-associated Japanese Yen appears poised to extend its 5-month decline against its major equivalents after snapping its 6-year uptrend and sliding into oversold territory for the 2nd time this year. Japanese Yen Index ** Daily ChartJPY Index daily chart developed using TradingView ** JPY Index averages CAD/JPY, EUR/JPY, AUD/JPY, GBP/JPY Directed lower by the downtrend extending from the yearly high set in March, JPY crashed through its 2014 uptrend earlier this month before discovering assistance at the February low. This could be a sign of more losses in the near-term for the Japanese Yen.However, with the February low capping the downside for the time-being a restorative rally to evaluate the March sag may be most likely in the coming days. EUR/JPY Daily Chart– Rising Wedge Pattern Threatens UptrendEUR/JPY daily chart developed using TradingViewA Hanging Man candle simply shy of the April 2019 high (126.80 ), integrated with substantial RSI divergence, could signal the end of the EUR/JPY exchange rates 10.8% surge from the May low (114.39) to set a fresh yearly high on August 13 (126.75 ).

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