USDJPY- more downside risk while the price holds below 102 barrier


EURUSD

The Euro trades in a corrective mode after reaching 1.3573 low yesterday, which marked full retracement of 1.3573/1.3699 upleg. Brief corrective action, so far capped at 1.36 zone, unable to clear the first barrier, reinforced by daily Kijun-sen line, ahead of also significant 1.3620/30 zone, Fibonacci 38.2% of 1.3699/1.3573 and 10/55; 20/55 SMA bearish cross. Weak near-term studies see so far limited upside prospect and expect the latter barriers to cap corrective attempts, before fresh push lower. Break below 1.3573/63 support zone to expose strong 1.35 zone base, for retest. Conversely, extension above 1.3630 is required to sideline near-term bears, in favor of stronger recovery attempts which would expose 1.3673, 200SMA and pivotal 1.3700 barrier.

Res: 1.3608; 1.3620; 1.3630; 1.3662
Sup: 1.3591; 1.3573; 1.3563; 1.3534

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GBPUSD

Cable maintains overall bullish tone, with near-term price action being in consolidating mode, established within 1.7100/1.7175 range. Near-term studies are at neutrality area, as the price hold at range’s mid-point. Further consolidation is seen as likely near-term scenario, while 1.71 handle stays intact. Otherwise, downside risk would increase in case of loss of 1.71 handle, with overextended daily technicals supporting the notion.

Res: 1.7146; 1.7165; 1.7177; 1.7200
Sup: 1.7122; 1.7100; 1.7061; 1.7000

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USDJPY

The pair entered corrective phase after consolidation under fresh high at 102.25, lost initial 102 support. Dip to 101.67, near-61.8% retracement of 101.22/102.25 upleg, weakened near-term structure and revived downside risk, which is expected to intensify in case the price remains capped under 102 barrier and takes out 101.61, 61.8% level. Otherwise, scenario of higher low formation and resumption of near-term uptrend, would be be likely in case of sustained break above 102 handle and extension to 102.25 peak.

Res: 102.00; 102.25; 102.35; 102.63
Sup: 101.67; 101.61; 101.39; 101.10

usdjpy


AUDUSD

The pair trades in near-term corrective mode after extended weakness off fresh high at 0.9503 nearly fully retraced 0.9320/0.9503 ascend, on a fall to 0.9327 so far. Hourly studies improve on recent bounce, which so far reached 0.9394, Fibonacci 38.2% of 0.9503/0.9327 downleg, with sustained break above 0.94 handle, reinforced by daily 20SMA, required to confirm recovery, for extension towards 0.9440/60, next strong resistance zone. Clear break here to re-focus 0.9503 peak. Otherwise, risk of lower top formation and fresh attempt towards pivotal 0.9320 support, low of 18 June and 61.8% retracement of 0.9209/0.9503 upleg.

Res: 0.9394; 0.9415; 0.9436; 0.9460
Sup: 0.9351; 0.9327; 0.9320; 0.9300

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