CHF/JPY & EURJPY benefits from USD strength

The spill over of positive sentiments for the USD from the downgrading credit ratings for Portugal and the never ending jittery and fear of the Euro Zone financial crisis have contributed more for the Cross rates like the CHF/JPY and the EUR/JPY. However, the leading major pair by the USD/JPY has made significant movements and currently continuing their course upwards.

These economic reports have made the technical outlook for the USD/JPY to be justified when it was still hoovering its trading range from a triangular formation. that led our team to believe that eventually the break upwards would only be triggered by a fundamental report such as the Fitch cutting its credit rating for Portugal.

Our market view dated the 22nd of March stated that the 92.20 levels could be more attainable whenever the USD would have enough volumes to move higher. Now working at 92.06 with a slight resistance at the 92.40/50 range. Meanwhile, the CHF/JPY has already confirmed their sustained upward direction working at 86.16 with a slight resistance price at the 86.20/30 levels as well.

The EUR/JPY has made headway from our long position registered at 122.30 and currently working at the 123.10 levels that happens to coincide with the USD/JPY continued strength. while the cross EUR/JPY was still pacing the CHF/JPY due tot he fact that the Euro's 10 month low price of 1.3283 has now made it more supportive while it corrects pushing the EUR/JPY higher to its current levels.
Pls. check out our latest FX video presentation Trend following the CHF/JPY

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Good Luck and Happy Trading!