* Euro / Yen fails at 130
* GBPJPY and NZDJPY rally sharply, but corrective declines expected
* CADJPY and AUDJPY daily RSI roll over from above 70
The EURJPY has ranged between primarily 115 and 1.30 since early October. 130 has been put to test the past several weeks and a sizeable setback may be about to occur. Still, I expect a break above 131.13 and larger correction of the decline from 1.6996. Fibonacci support in the event of a corrective drop is at 123.23 and 121.45.
A 5 wave advance is from 1.2982 is clear in the GBPJPY. If the advance is not yet complete, then it is nearly so and a drop is underway in order to correct the rally towards Fibonacci support, which begins at 137.
The CHFJPY has tested and failed at resistance from the confluence of the 38.2% of 105.17-74.66 and former congestion area from late October / early November. A head and shoulders formation is evident on intraday charts. The left shoulder is the December 18th high and the left shoulder may have formed with yesterday's high. The weight of evidence favors weakness. Support begins at 80.20.
The CADJPY surged recently but daily RSI has rolled over from above 70. A corrective pattern remains underway from the October low, possibly a triangle or flat. Until that pattern plays out, there is little confidence in short term direction. In the even of a setback, former resistance at 75.67 is potential support.
After staging an impressive rally towards the end of the year and into the New Year, the AUDJPY is showing signs of topping, if only temporarily. Like the CADJPY, daily RSI has rolled over from above 70. Former resistance at 63.62 is potential short term support.
Before leaving for vacation, I wrote that, 'it is possible that the NZDJPY has formed an important low at 47.76…' That level held and the NZDJPY rally can be counted as a '5'. With 5 waves up, a decline, albeit corrective, is expected. The 50% of the advance near 51 is near the apex of the former triangle and is probably support.