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Technical Report: USD/JPY Hit 101.35 Support Area

Published 03/19/2014, 05:21 AM
Updated 07/09/2023, 06:31 AM

European Session

EUR/USD

<span class=EUR/USD Daily Chart" title="EUR/USD Daily Chart" width="474" height="242" />

Despite that trading is weak and volatile, the pair stabilized above the key support of the ascending channel and above Linear Regression Indicator 34 keeping the bullish possibility. Trading above 1.3845 leaves positivity valid.

Of note, breaching 1.3945 and stabilizing above it is significant to confirm extending bullishness in an attempt to reach 1.4005, as breaching it might extend the upside move towards 1.4150. On the other hand, breaking 1.3810 will fail any bullish attempt over intraday basis today.

<span class=EUR/USD S&R Chart" title="EUR/USD S&R Chart" width="474" height="242" />

GBP/USD

<span class=GBP/USD Daily Chart" title="GBP/USD Daily Chart" width="474" height="242" />

The pair managed to close below 1.6600 and stabilize below it which might lead to further bearishness in the upcoming period. AROON Indicator and MACD are moving negatively supporting these expectations.

By examening Linear Regression Indicators we find that it crossed over negatively and trading below 1.6670 will be negative today and in the upcoming period, whereas the pair is currently targeting the key support level of the ascending channel showing on graph.

<span class=GBP/USD S&R Chart" title="GBP/USD S&R Chart" width="474" height="242" />

USD/JPY

<span class=USD/JPY Daily Chart" title="USD/JPY Daily Chart" width="474" height="242" />

USD/JPY hit 101.35 support area before bouncing slightly, price remains consolidating above this support level and that keeps the bullish rebound scenario valid. A break below this support may extend the downside toward the next main support around 100.70, however price would still remain above the main rising trend line and the 200-days SMA.

<span class=USD/JPY S&R" title="USD/JPY S&R" width="474" height="242" />

USD/CHF

<span class=USD/CHF Daily Chart" title="USD/CHF Daily Chart" width="474" height="242" />

USD/CHF bounces after testing the main support at the 127.1 extension level 0.8702. The first test if that support resulted in a long legged doji candle , which hints indecision and a possible upside rebound. Price is currently fluctuating above that support level, and that keeps our bullish rebound scenario valid, targeting levels around 0.8800 for now. A break with stability below 0.8700 may signal more downside.

<span class=USD/CHF S&R Chart" title="USD/CHF S&R Chart" width="474" height="242" />

USD/CAD

<span class=USD/CAD Daily Chart" title="USD/CAD Daily Chart" width="474" height="242" />

The USD/CAD failed to break the 50-days SMA and 1.1050 support level yesterday, to rebound strongly forming a bullish engulfing candle, and hitting the resistance of the symmetrical triangle formation, hinting we might see more upside. However we prefer to wait for a break above that triangle resistance which should confirm more upside

<span class=USD/CAD S&R Chart" title="USD/CAD S&R Chart" width="474" height="242" />

AUD/USD

<span class=AUD/USD Daily Chart" title="AUD/USD Daily Chart" width="474" height="242" />

AUD/USD pushed higher, approached the 200-days long term moving average, and 0.9165 resistance level. We might see an intraday pullback from this key resistance area, however the overall bullish wave continues to be dominant, and thus we look to long the pair following a downside pullback towards 0.8960-0.8980 support area.

<span class=AUD/USD S&R Chart" title="AUD/USD S&R Chart" width="474" height="242" />

NZD/USD

<span class=NZD/USD Daily Chart" title="NZD/USD Daily Chart" width="474" height="242" />

The NZD/USD moved decisively higher breaking above 0.8545 resistance level, and that may clear the way towards a retest of the major long term swing high and resistance level at 0.8675, We look for a downside pullback towards 0.8545 broken resistance to initiate a new long position.

<span class=NZD/USD S&R Chart" title="NZD/USD S&R Chart" width="474" height="242" />

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