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Market Outlook: USD/JPY Maintains Negative Near-Term Outlook

Published 05/09/2014, 04:12 AM
Updated 02/21/2017, 08:25 AM
EUR/USD
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GBP/USD
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USD/JPY
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AUD/USD
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EUR/JPY
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AUD/NZD
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XAU/USD
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EUR/USD

The euro trades at mid-point of 1.3671/1.3992 ascend after attempt above recent range top at 1.3965 stalled on approach to psychological 1.40 barrier. Subsequent fall to 1.3830 area weakened near-term outlook and introduced bears in lower timeframes studies. Immediate focus turned to the lower targets, with initial Supportport laying at 1.38, psychological / bull-trendline off 1.2754 Supportport, below which to neutralize bulls and open 1.3783/73, daily cloud top / range floor. Bears may be delayed by consolidative action on oversold hourly studies, with gains to be ideally capped at 1.39 zone.

Resistance: 1.3760; 1.3900; 1.3965; 1.3992

Support: 1.3800; 1.3773; 1.3748; 1.3700

EUR/USD Hour Chart



EUR/JPY

The pair lost ground and slid below 141 Supportport and recent range floor, sidelining upside attempts which faced triple rejection at 142.40 zone. FResistanceh weakness below 141 handle, exposes next strong Supportport and short-term base at 140 zone. Negative near-term studies Supportport the scenario, with daily indicators moving from neutral towards negative zone. Break below 140 handle to signal an end of corrective phase off 136.21 higher low and lower top formation at 143.78.

Resistance: 141.00; 141.45; 142.00; 142.35

Support: 140.41; 140.21; 140.00; 139.20

EUR/JPY Hour Chart



GBP/USD

Cable corrects recent gains which peaked at 1.6995, stalling just ahead of psychological barrier at 1.7000. Further easing cannot be ruled out as hourly studies are weak and 4-hour technicals lost bullish momentum. However, overall bullish tone remains in play but could be delayed by overextended daily technicals. Ideally, corrective dips below 1.69 handle, should find ground around 1.6821, previous peak and 1.6800, round figure / Fibonacci 38.2% of 1.6464/1.6995 ascend, not further delay bulls. FResistanceh strength through 1.70 and 1.7041, 2009 peak, is required to Resistanceume reversal from 1.3501. Conversely, loss of 1.6800 and 1.6760 higher low, is expected to sideline bulls for stronger correction.

Resistance: 1.6945; 1.6973; 1.6995; 1.7041

Support: 1.6912; 1.6900; 1.6852; 1.6800

GBP/USD Hour Chart



USD/JPY

The pair maintains negative near-term outlook and sees final push towards 101.30/20, strong Supportports, once corrective phase off 101.42 low is completed. With the upside being so far capped at important 102 barrier, negative tone continues to dominate and keeps risk of full retracement of 101.20/104.11 upleg as likely scenario. The notion is Supportported by negatively aligned daily studies. Break below short-term base at 101.20 to open psychological 101 Supportport, reinforced by 200SMA, while alternative scenario sees break above initial 102 barrier as minimum requirement, while regain of short-term range tops at 103 zone would shift near-term focus higher.

Resistance: 102.00; 102.18; 102.70; 103.00

Support: 101.42; 101.31; 101.20; 101.00

USD/JPY Hour Chart



AUD/USD

The pair maintains positive near-term structure, trading in near-term consolidative mode, after fResistanceh gains off 0.9200 Supportport zone broke above initial 0.93 barrier and so far retraced over 61.8% of 0.9460/0.9201 descend, on approach to psychological 0.9400 barrier. Positive near-term studies see scope for final push towards key 0.9460 barrier, 10 Apr peak, break of which to Resistanceume larger uptrend from 0.8658, 2013 low. Initial Supportport lies at 0.9346, 20 SMA, ahead of 0.9317 higher low and psychological 0.93 Supportport and key level and breakpoint at 0.92 area, loss of which to sideline near-term bulls.

Resistance: 0.9400; 0.9446; 0.9460; 0.9500

Support: 0.9346; 0.9317; 0.9300; 0.9250

AUD/USD Hour Chart



AUD/NZD

The pair corrects strong gains off fResistanceh low at 1.0644, with full retracement of 1.0868/1.0644 downleg, seeing scope for eventual push towards key 1.0907 peak. Corrective action is expected to precede fResistanceh leg highe4-hour indicators emerge from overbought territory. Ideally, dips should find Supportport above 1.0730, Fibonacci 61.8% retracement of 1.0644/1.0867 upleg and higher platform, not to harm near-term bulls for fResistanceh attempt higher. Otherwise, increased downside risk could be expected in case of loss of 1.0730/00 handles.

Resistance: 1.0845; 1.0868; 1.0907; 1.1000

Support: 1.0800; 1.0780; 1.0730; 1.0700

AUD/NZD Hour Chart



XAU/USD

Spot Gold trades in near-term consolidative mode after it lost traction and dipped to 1284 so far, retracing over 61.8% of 1273/1315 ascend so far. FResistanceh acceleration lower, triggered by loss of initial 1300 Supportport, weakened near-term structure and increased downside risk, as minimum requirement to regain short-term range top at 1330 was no fulfilled. With daily technicals turning negative, risk of returning to the range floor at 1273/68, remains in play. Break below initial Supportport at 1285, 100SMA, is needed to re-open 1273 and 1268 lows. Corrective actions should be ideally capped by 1300, now reverted to Resistanceistance.

Resistance: 1295; 1300; 1315; 1320

Support: 1284; 1277; 1273; 1268

XAU/USD Hour Chart

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