Steve Miley, MSTA
MarketChartist
USDJPY bullish extension threat
An inside pattern dip, but holding above minor support at 107.05/00, with better foundations seen at 106.67/65 and 1.0605.
The previous surge through the secular high at 105.48 and a key long term barrier at 105.60 (61.8% retrace of the 2007-11 bear down leg) aims for higher targets for September.
Into mid-September, the bias is still higher, for 108.00, 108.35 and 108.65.
September/ October risk is to a key high from 2008 at 110.57!
WHAT CHANGES THIS?
Below 106.65 eases bull risks; through 106.05 signals a neutral tone, only shifting negative below 104.68.
Daily USDJPY Chart
Monthly USDJPY Chart
THERE IS SUBSTANTIAL RISK OF LOSS IN TRADING FUTURES, OPTIONS AND FX PRODUCTS. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE
Recommended Content
Editors’ Picks
How will US Dollar react to Q1 GDP data? – LIVE
The US' GDP is forecast to grow at an annual rate of 2.5% in the first quarter of the year. The US Dollar struggles to find demand as investors stay on the sidelines, while waiting to assess the impact of the US economic performance on the Fed rate outlook.
EUR/USD holds gains above 1.0700, as key US data loom
EUR/USD holds gains above 1.0700 in the European session on Thursday. Renewed US Dollar weakness offsets the risk-off market environment, supporting the pair ahead of the key US GDP and PCE inflation data.
GBP/USD extends recovery above 1.2500, awaits US GDP data
GBP/USD is catching a fresh bid wave, rising above 1.2500 in European trading on Thursday. The US Dollar resumes its corrective downside, as traders resort to repositioning ahead of the high-impact US advance GDP data for the first quarter.
Gold price edges higher amid weaker USD and softer risk tone, focus remains on US GDP
Gold price (XAU/USD) attracts some dip-buying in the vicinity of the $2,300 mark on Thursday and for now, seems to have snapped a three-day losing streak, though the upside potential seems limited.
XRP extends its decline, crypto experts comment on Ripple stablecoin and benefits for XRP Ledger
Ripple extends decline to $0.52 on Thursday, wipes out weekly gains. Crypto expert asks Ripple CTO how the stablecoin will benefit the XRP Ledger and native token XRP.