Japanese yen is once again weakening against major currencies. Few days back I posted the USD/JPY [1] chart showing the range bound price action and drew attention to a possible breakout. Yesterday USD/JPY cleared the resistance at 99 levels. Similar price action could follow in EUR/JPY and CHF/JPY as they both get ready to breakout from their four-month long consolidation ranges.
EUR/JPY continues to consolidate between 132 and 130. Breakout should follow on this pair in the following days. Unlike USD/JPY and EUR/JPY, CHF/JPY has a horizontal resistance at 107.5. As we are seeing USD/JPY breaching the trend resistance at 99 levels, other yen cross rates should follow with similar price action.
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