Yen opened the week generally lower, and selloff could accelerate further, in particular against commodity currencies. CAD/JPY is still leading the way and is now eyeing 90 handle. Near term outlook will remain bullish as long as 88.28 resistance turned support holds. Current up trend should target 61.8% projection of 77.91 to 88.28 from 85.40 at 91.80, which is close to 2019 high at 91.62.
After some jitters, NZD/JPY also breach 79.19 resistance today, and look set to resume medium term up trend. Sustained trading above 79.19 will pave the way to 61.8% projection of 68.86 to 79.19 from 75.61 at 81.99. This bullish case will remain in favor as long as 77.68 support holds, in case of retreat.
Similarly, AUD/JPY also breaches 85.43 resistance today, suggesting that the medium term up trend is ready to resume. Sustained trading above 85.43 will bring further rise to 61.8% projection of 73.13 to 84.53 from 83.04 at 90.64 next. This will remain the favored case as long as 83.91 support holds.
