USDJPY has moved slightly to the downside yesterday after testing the key resistance line seen on the provided graph.
Closing below SMA20-colored in green- is negative, but we will be patient and will not join this corrective action unless the pair takes out yesterday’s low at 122.80.
**A break below 122.80 will threaten 122.40 and may expose 121.90 again.
Support: 122.80-122.45-122.00
Resistance: 123.35-123.70-124.15
Direction: Down
Strong bounce seen after touching 0.9500 psychological zones and that warns of resuming the downside correction.
Failure to re-test 0.9540 is another negative sign, but we should be prudent since the markets’ volatility on the USDCHF has increased sharply this week and we are in last hours ahead of closing.
Anyway, high-risk takers could play the game of highs protection, using 0.9505 to act as a ceiling for their shorts.
We will be on the sidelines today and we recommend you follow our intraday updates.
Support: 0.9375-0.9340-0.9280
Resistance: 0.9450-0.9485-0.9505
Direction: Sideways
EURUSD failed to stabilize below 61.8% at 1.1055 where it corrected upwards once again.
However, trading below 1.1125 -50%Fib.- and below moving averages force us to be neutral today as far as EURUSD trades between 1.1125 and 1.1055.
Support: 1.1050-1.1000-1.0950
Resistance: 1.:1100-1.1125-1.1200
Direction: Sideways
After touching 50% Fibonacci level –yesterday’s recommendation target- the pair has moved upwards once again.
Trading is trapped below 1.5650 and below moving averages 20 and 50, while ADX started to show the ability to crossover bullishly. Thus, we will be neutral as risk versus reward ratio is inappropriate today.
Support: 1.5600-1.5560-1.5470
Resistance: 1.5650-1.5710-1.5755
Direction: Sideways