USD/JPY: Under Pressure
Pivot (invalidation): 104.15
Our preference Short positions below 104.15 with targets at 103.65 & 103.50 in extension.
Alternative scenario Above 104.15 look for further upside with 104.30 & 104.45 as targets.
Comment The RSI is bearish and calls for further decline.
Daily Technical Analysis
EUR/USD
Current level - 1.1969
After the successful breach of the important resistance zone at 1.1920, the EUR continued to gain positions against the USD. A continuation of the rally and an attack of the high at around 1.2010 is the most probable scenario at the time of writing the analysis....
Forex and Cryptocurrency Forecast
First, a review of last week's events:
EUR/USD. Making a forecast for the past week, most experts (65%) preferred the European currency. Graphical analysis, 90% of trend indicators and 75% of oscillators on D1 also sided with the bulls. And this forecast turned out to be almost correct. "Almost", because...
USD/JPY Analysis: Passes Support Levels
On Friday morning, the USD/JPY currency exchange rate passed the support levels near 104.20. Due to that reason, the pair had no technical support as low as the 103.32 level. In theory, the rate should decline to this mark.
However, take into account that the Monday's low level could provide...
Japanese Yen Dips To 104 Line
The Japanese yen has posted slight gains for a second straight day. Currently, USD/JPY is trading at 104.01, down 0.24% on the day. The yen has recovered most of the losses from early in the week.
The trading week has been particularly short, as Japanese markets were on holiday on...
EUR/JPY Analysis: Could Edge Lower
The Eurozone single currency declined by 54 pips or 0.43% against the Japanese Yen on Thursday. The currency pair breached the 50– hour simple moving average during yesterday's trading session.
All things being equal, the EUR/JPY pair could continue to edge lower within the following trading session. The potential target...
GBPJPY Maintains Aimless Bias, As Momentum Loses Steam
GBPJPY appears to have been again denied passage above the 140.00 mark, which happens to be the 76.4% Fibonacci retracement of the down leg from 144.94 to 124.00, following a bounce off the 100-day simple moving average (SMA). The slipping 200-day SMA and the horizontal Ichimoku lines aid a...
GBP/JPY Bullish Bounce Expected At The Order Block
We can see that the GBP/JPY is having a retracement close to the bullish order block.
The order block is very close to the 78.6 and 88.6 zones. We could see a bullish bounce exactly within the zone for a renewed bullish presssure. Targets are 139.43 followed by 139.68 and...
USD/JPY: The Downside Prevails
Pivot (invalidation): 104.25
Our preference Short positions below 104.25 with targets at 103.70 & 103.50 in extension.
Alternative scenario Above 104.25 look for further upside with 104.45 & 104.60 as targets.
Comment The RSI has broken down its 30 level.
Daily Technical Analysis
EUR/USD
Current level - 1.1911
The currency pair failed to stay above the important resistance at 1.1920 and it is expected for it to test this level again. If the EUR/USD manages to breach the resistance at 1.1920, it should head towards the local high at 1.2010. Conversely, if the test...
USDJPY Reversal Possible
The US dollar is struggling to find direction against the Japanese yen currency in quiet market conditions, due to the US Thanksgiving holiday. Higher time frame analysis shows that the USDJPY pair is trapped within a large falling wedge pattern, between the 103.50 and 105.30 levels. Falling wedge patterns...
Euro Wavers As ECB Consider More Stimulus
The euro was little changed in overnight trading after the ECB published the minutes of its previous meeting. The minutes showed that the bank was considering more stimulus to support the economy. The potential stimulus would include allocating more funds to the quantitative easing program. However, some members of...
Yen Recovers in Subdued Trading, Gold Consolidates Losses in Tight Range
Trading continues to be subdued in Asia as markets are in holiday mood. Yen is trading mildly higher overall, but remains the worst performing one for the week. Dollar's selloff slowed somewhat, but remains the second worst for the week. Commodity currencies are set to close the week as...
USD/JPY Struggles Below 105.00, Key Support At 104.00
Key Highlights
USD/JPY struggled to climb above the 104.75 and 105.00 resistance levels.
A major bullish trend line is forming with support near 103.90 on the 4-hours chart.
Japan’s Leading Economic Index improved from 88.5 to 92.5 in Sep 2020.
EUR/USD and GBP/USD struggled to gain momentum above 1.1940...
Market Morning Briefing: EURJPY Looks Bearish Towards 123
STOCKS
Equities manage to stay afloat for now. With limited upside left on major indices and strong resistances ahead, we continue to remain cautious to see a sharp corrective fall in the coming weeks. We will not be surprised to see the major indices beginning the expected correction from here...
The Analytical Overview Of The Main Currency Pairs
The EUR/USD currency pair
Technical indicators of the currency pair:
Prev Open: 1.1888
Prev Close: 1.1913
% chg. over the last day: +0.21%
Yesterday, the EUR/USD currency pair was traded in an uptrend and showed +0.21%. An uptrend is observed on the chart, which indicates the predominance of purchases on this asset. On the...
USD/JPY Pressured By 55-Hour SMA
On Wednesday, the USD/JPY currency pair depreciated gradually. During today's morning, the pair was testing the support formed by the 100– and 200-hour SMAs, as well the weekly PP near 104.20.
If the predetermined support holds, a reversal north could occur. In this case the exchange rate could target the...
EUR/JPY Analysis: Set For Breakout
The common European currency surged by 37 basis points or 0.30% against the Japanese Yen on Wednesday. The 50– hour simple moving average guided the currency pair during yesterday's trading session.
Currently, the exchange rate is trading near the upper boundary of an ascending channel pattern and could be set...
AUD/JPY 4H Chart: Bulls Likely To Prevail
The Australian Dollar has surged by 155 pips or 2.06% against the Japanese Yen since last week's trading sessions. The currency pair bounced off from a support level at 75.50 on November 19.
All things being equal, the AUD/JPY exchange rate could continue to surge in an ascending channel pattern...
GBP/JPY 4H Chart: Could Continue To Edge Up
The British Pound has soared by 260 pips or 1.90% against the Japanese Yen since last week's trading sessions. The exchange rate breached the 50– period simple moving average at 137.99 on November 23.
The currency pair is likely to continue to edge higher during the following trading sessions. The...
USD/JPY: The Downside Prevails
Pivot (invalidation): 104.45
Our preference Short positions below 104.45 with targets at 104.10 & 103.90 in extension.
Alternative scenario Above 104.45 look for further upside with 104.60 & 104.75 as targets.
Comment The RSI lacks upward momentum.
Daily Technical Analysis
EUR/USD
Current level - 1.1922
The currency pair managed to breach the important resistance at 1.1920 and the EUR/USD should now head towards testing the next key resistance, which is currently the local top at 1.2010. If the pair manages to violate this level as well, the upward movement is expected...
Elliott Wave View: AUD/JPY Looking For Bullish Breakout
Short Term Elliott Wave view in AUDJPY suggests the pullback to 75.3 ended wave 2. Internal subdivision of wave 2 unfolded as a double three Elliott Wave structure. Down from November 11 peak (77.09), wave ((w)) ended at 75.74, wave ((x)) ended at 76.77, and wave ((y)) ended at...
Market Morning Briefing: Pound Has Risen To Test Immediate Resistance Near 1.34
STOCKS
The price action in equities indicates that the time for a corrective fall that we have been cautioning for some time is coming closer. Dow has come-off failing to sustain above 30000 and the upside will be limited to 30800-31000 even if it bounces back from here. We are...
The Analytical Overview Of The Main Currency Pairs
The EUR/USD currency pair
Technical indicators of the currency pair:
Prev Open: 1.1839
Prev Close: 1.1892
% chg. over the last day: +0.44%
Yesterday, the EUR/USD pair was traded in an uptrend and showed +0.44%. An uptrend is observed on the chart, which indicates the prevalence of purchases on this asset. On the hourly...
USD/JPY Could Trade Upwards
On Tuesday, the USD/JPY currency pair touched the 104.75 mark.
It is likely that some upside potential could prevail in the market due to the support area formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 104.10/104.35 range.
In the meantime, note that the exchange...
EUR/JPY Analysis: Two Scenarios Likely
The common European currency surged by 67 points or 0.54% against the Japanese Yen on Tuesday. The currency pair tested the upper line of an ascending channel pattern at 124.46 during the Asian session on Wednesday.
If the channel pattern holds, bears could pressure the exchange rate lower during the...
USDJPY Back To Pivot
The US dollar is gaining upside traction against the Japanese yen currency as positive risk sentiment continues to give the pair a boost. The USDJPY pair could test back towards the 105.80 level if buyers are able to hold price above the pivotal 104.50 level. Sustained weakness below the...
USDJPY Hovers Within SMAs, Still Stands In Descending Channel
USDJPY is pointing slightly upwards, touching the 20- and 40-day simple moving averages (SMAs), remaining in a descending channel since March 3. According to the technical indicators, the MACD is approaching the zero line, holding above its trigger line, while the RSI is touching the neutral threshold of 50...
USD/JPY: The Bias Remains Bullish
Pivot (invalidation): 104.35
Our preference Long positions above 104.35 with targets at 104.60 & 104.75 in extension.
Alternative scenario Below 104.35 look for further downside with 104.25 & 104.10 as targets.
Comment A support base at 104.35 has formed and has allowed for a temporary stabilisation.