Technical Update - USDJPY cannot penetrate 137, can it hold 134? EURJPY in wide range

The EUR/AUD Pair May Have The Potential To Continue Its Decline

USDJPY seems to have trouble moving above 137. If the pair drops below 134.25 it is likely to also drop to support around 131.50.
It has formed what could be a rising wedge like pattern. It has broken the lower rising trend line and if it breaks below 134.25 it has confirmed it is a top and reversal pattern.
131.50 is key support however, if it breaks below that there is not much holding it until around 126.35.
If USDJPY breaks above 137 the potential top and reversal pattern is demolished.

Source: Saxo Group

EURJPY

EURJPY trading in a wide rising channel. If RSI breaks above its falling trend line EURJPY is likely to move towards 145-146. If on the other EURJPY breaks below 139.80 the pair could be hit by selling pressure taking it down to 135-133.

Source: Saxo Group

Source: Technical Update - USDJPY cannot penetrate 137, can it hold 134? EURJPY in wide range | Saxo Group (home.saxo)

The EUR/AUD Pair May Have The Potential To Continue Its Decline

Kim Cramer Larsson

Kim Cramer Larsson started his career in 1996 as an equities trader focusing on the US and Asian markets with BG Bank, London. In 1997, Kim relocated to BG Bank, Copenhagen (BG Bank was acquired by Danske Bank in 2000) to the position of equities trader and portfolio manager. 

Kim began using technical analysis as a trading tool from 1997. In 2005, Kim was promoted to the position of technical analyst in the FX & Fixed Income Research department at Danske Bank. In his current role, Larsson focuses on technical analysis of equities, equity indexes, forex pairs, and more for Saxo Bank. Larsson’s views and analyses can be found on Saxo’s News & Research hub as well as at Saxo’s Academy where he hosts webinars focusing on chart analysis.