Bias: Slightly mixed - waiting for breaks but the underlying risk does still seem lower
As opposed to the other JPY crosses this hasn't made a new low. Having said that it doesn't look that healthy right now. Only a move back above the 80.37 pivot area would lead the way back to yesterday's 80.78 high. If this breaks (before there is any new low) then the implication is a move up through 80.98-25 and into the 81.51-76 resistance area which I feel would cap.
24th February: The chance that we've seen a major high was strengthened yesterday. Only if we see AUDUSD rally strongly could keep price afloat here. Above 81.55-60 is going to be needed to push this back towards 82.11 and possibly the 82.52-79 highs.
The 79.74 level was tested and broken by just 3 pips. If yesterday's low breaks at 79.71 then expect stronger follow-through below 79.30-45 and then to test the 78.90-10 pivot support. Take care here as this could force a pullback. Breach extends losses to 78.70 and maybe even as low as 78.10-42 if this turns aggressive.
25th February: If yesterday's 79.71 low breaks then it implies a stronger push lower to 78.90-10 and even 78.10-42 is possible.
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For a full description of how to use the analysis please see the Analysis page of my website. The prior day's set ups for potential trading levels highlighted in the report are available on the Daily Forecast page of my web site in the Trader Package review. (+75 pips)