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Daily Technical Report: Bearish Correction Likely For USD/JPY

Published 09/10/2013, 05:55 AM
Updated 07/09/2023, 06:31 AM
EUR/USD

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The pair moved back to the upside and stabilized above key resistance level of the sideways range, and above Linear Regression Indicator 34 as shown on graph. Meanwhile, the pair is still stable below a 23.6% correction at the 1.3290 level, below Linear Regression Indicator 55, and with the Stochastic showing overbought signals.

Therefore, we prefer to remain intraday neutral in this report waiting for confirmation signals depending on how the pair would react at 1.3290 levels.

The trading range for today is among the key support at 1.3105 and key resistance at 1.3345.

The general trend over short term basis is sideways targeting 1.2775 as far as 1.3600 is daily-closing.

EURUSD_S&R



GBP/USD

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The pair managed to confirm stability above 1.5645 which could push the pair further to the upside in an attempt to breach the previous top 1.5751 approaching a 113% correction at 1.5875 as shown on graph. We will ignore the overbought signals showing on momentum indicators unless we have a breakout and consolidation below 1.5645.

The trading range for today is among the key support at 1.5605 and key resistance at 1.5875.

The general trend over short term basis is to the upside as far as areas of 1.5100 remains intact targeting 1.6010.

GBPUSD_S&R



USD/JPY

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Since the pair returned to the downside from levels close to 78.6% correction at 100.30, the possibility of a bearish correction is likely. The pair is stable today below key resistance level of the ascending channel as Linear Regression Indicators are negative forcing us to think that the downside move is possible today. A slight bullish move is possible in response to the upside bias on momentum indicators, but trading below 100.30 will keep the negative outlook.

The trading range for today is among key support at 98.60 and key resistance at 100.90.

The general trend over short term basis is to the downside as far as areas of 103.50 remain intact targeting 93.50.

USDJPY_S&R



USD/CHF

The pair dropped and approached 23.6% correction at 0.9290 levels as shown on the graph. At the referred to level, Risk/Reward Ratio becomes very appropriate, so we suggest an upside move depending on the positivity of Linear Regression Indicators and Stochastic approaching oversold signals, in addition to the bullish support shown on the graph.

The trading range for today is among key support at 0.9200 and key resistance at 0.9415.

The general trend over short term basis is to the downside stable at levels 0.9775 targeting 0.8860.

USDCHF_S&R



USD/CAD

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The pair managed to break 61.8% correction shown on the graph, representing the second target of the bearish harmonic Bat Pattern at 1.0385. Based on the technical harmonic analysis rules, breaking the second target might extend targets. And in this case, the possibility of testing a 78.6% correction, and perhaps even a 88.6% correction, at 1.0335 and 1.0305 respectively. Therefore, the downside move is available today by stabilizing below 1.0385 levels.

The trading range for today is between the key support at 1.0270 and the key resistance at 1.0455.

The general trend over short term basis is to the upside with steady daily closing above levels 1.0100 targeting 1.0775.

USDCAD_S&R



AUD/USD

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As shown on the daily chart above, the pair settled above the descending resistance for consolidation phase, and above 50-days SMA, to extend the bullish move towards the top of the sideway range, approaching 0.9320-0.9345 key resistance and ceiling for the latest bullish rallies. The bullish bias remains favored, however a break above the aforementioned resistance is necessary to confirm a potential short term bullish reversal.

AUDUSD_S&R



NZD/USD

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The pair extended the upside move, and momentum indicators point to strong overbought conditions over intraday time intervals. However that indicates a strong healthy rally, where downside attempts should be considered possible corrections so long as above 0.7925, targeting 0.8100, and the top of the sideways range at 0.8160.

NZDUSD_S&R

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