The USD/JPY pair has moved to the downside, respecting yesterday’s technical comment, and is currently stabilizing below the support line of the triangle.
More downside pressures to be seen once it takes 119.30 regions, which represent the interim support.
On the upside, traders should be capped by 120.25 and preferably 120.60.
Support: 119.00-118.80-118.40
Resistance: 120.00-120.60-121.05
Direction: Bearish
In line with the bearish scenario, the pair continued to slump, activating all short positions we caught since last week.
Now, we see more downside pressures with a breakout below 0.9600 levels-50% Fibonacci- after stabilizing below moving averages.
Signs on ADX and RSI14 could be stronger with another breakout below 0.9525 levels.
Support: 9530-0.9500-0.9475.
Resistance: 0.9600-0.9630-0.9685.
Direction: Bearish
Despite the positivity on ADX, this sign remains weak and the GBP/USD pair is presently touching SMA20.
The bearishness may come back once 1.5235 areas are taken out and that will open the door towards 1.5175. On the upside, coming above 1.5320 will weaken bullish chances, while 1.5385 is the key for bulls.
Support: 1.5235 – 1.5175 – 1.5105
Resistance: 1.5295 – 1.5320 – 1.5385
Direction: Bearish below 1.5235