The JPY crosses had a huge week to the upside | Forexlive

The major JPY crosses all had huge weeks to the upside this week. Today, the BOJ kept rates and their yield curve control steady. They expect inflation to move lower. Ueda acknowledge the lower JPY but said there are goods and bads in currency moves. The USDJPY is higher by 1.74%, but it is the other JPY crosses that are really on fire this week.

• EURJPY: The EURJPY is up 3.51% this week and traded to the highest level since September 2008. This week, the price moved above the swing high from May 1 at 151.61. Looking at the weekly chart the price has entered into the top-side extreme area that confined the pair from November 2006 to October 2008 (with some modest breaks) between 151.71 and 169.968. The high today has reached 155.01 .

• GBPJPY: The GBPJPY is up 3.76% which is the largest weekly return since September 26, 2022 when the price moved up 3.896%. Before that, you’d have to go back to the week of June 1 when the pair moved up 4.26%. Looking at the weekly chart, the price is trading at the highest level cents December 2015. Going back to October 2014 the price for the pair traded between 174.88 and 195.88. This week, the price moved above the low of that swing area entering into the extreme area that confined the pair until January 4, 2016 (see red shaded box). Stay in the shaded box is more bullish.

• AUDJPY: The AUDJPY is up 3.7% which is the largest gain since March 2022 when the pair moved up 3.86%. Unlike the EURJPY and the GBPJPY, the AUDJPY is only trading at the highest level since September 2022. The high price then reached 98.599. The high price today reached 97.39. The September 2022 high at 98.599 is the next target. Get above that and the highs from 2014 at 102.844 and 2013 at 105.043 would be the next major targets on the weekly chart.