Japanese Yen Crosses Send Mixed Signals Amid Stabilization

The Japanese yen's performance against major currencies is sending mixed signals. USD/JPY and GBP/JPY are showing signs of stabilization after recent declines, but both still face nearby resistance. In contrast, AUD/JPY appears less convincing, with downside momentum keeping the March low in focus.

USD/JPY's technical analysis suggests a near-term top may be in place, following Friday's bearish engulfing day. However, price action this week indicates that USD/JPY could recoup some of its losses from Friday. Three dojis have formed since then, with two showing demand above 156 and around the monthly pivot point.

The 200-day EMA and 50-day EMA are capping prices as resistance for USD/JPY. A break below the 156 handle and May low at 155.03 would bring the monthly S1 pivot into focus near the September low.