USDJPY - hesitation at 124.36/72 cluster of resistances not ruled out, with 123.70 support expected to hold consolidation

EURUSD

The Euro closed in long-legged Doji candle yesterday, signaling hesitation at key 1.0819 support that was cracked on dips to 1.0807 yesterday and 1.0799 today. Yesterday’s close ticks above1.0819 handle, shows near-term consolidation attempts, before resumption of existing downtrend. Daily close below 1.0819, is needed to confirm and open next targets at 1.0698, Fibonacci 76.4% retracement of 1.0461/1.1465 rally and 1.0658/64, troughs of 21/23 Apr. Initial resistance lies at 1.0833, Asian high reinforced by hourly Kijun-sen, ahead of 1.0869, yesterday’s high / 23.6% retracement of 1.1083/1.0799 bear-leg and 1.0907, last Friday’s high and Fibonacci 38.2%, where rallies should be ideally capped.

Res: 1.0833; 1.0869; 1.0907; 1.0961
Sup: 1.0799; 1.0782; 1.0742; 1.0698





GBPUSD

Near-term studies are losing traction, following repeated probes below near-term consolidation floor and yesterday’s close in red, after last Friday’s long-legged Doji. With 1.5541 support, Fibonacci 38.2% 1.5327/1.5673 upleg, being cracked, initial signals of reversal have been generated. Setup of daily MA’s is also turning into bearish mode, after 55 and 100SMA’s were cracked, while descending daily 20SMA continues to cap, currently offering initial resistance at 1.5592. However, daily indicators hold in neutrality zone that still signals extended range-trading, while the price holds above 1.5540 pivotal support zone. Sustained break here to confirm reversal and open next support at 1.5500, 50% of 1.5327/1.5673. Conversely, list above daily 20SMA and daily Kijun-sen line at 1.5627, to ease immediate bear-pressure and re-open key barriers at 1.5673/98, high of 15 July / Fibonacci 61.8% of 1.5928/1.5327 downleg.

Res: 1.5592; 1.5627; 1.5673; 1.5698
Sup: 1.5554; 1.5525; 1.5500; 1.5445





USDJPY

The pair continues to trend higher, with yesterday’s positive close and today’s crack of significant 124.36/42 barriers, 24/17 June highs, confirming strong bullish stance. Sustained break here and the upper boundary of strong resistance zone at 124.55/722, Fibonacci 76.4% of 125.84/120.39 / 09 June high, is required to confirm bullish resumption. Meantime, consolidative action, seen on hesitation at strong resistance zone, could be anticipated. Support at 123.70, 14 July former high, should be ideally holding the downside, to prevent stronger pullbacks towards pivotal 122.90 support, expected on violation of 123.70 handle.

Res: 124.55; 124.72; 125.00; 125.50
Sup: 124.22; 123.90; 123.70; 123.25





AUDUSD

Aussie maintains firm bearish tone, with near-term price action in consolidative mode above fresh low at 0.7324. Yesterday’s long-legged Doji confirms hesitation, with Asian trading being also shaped in log-legged Doji candle. Consolidative phase is expected to precede fresh push lower, as technicals hold firm bearish tone and look for next target at 0.7204, Fibonacci 76.4% of 0.6007/1.1079 rally. Descending daily 10SMA continues to cap, reinforcing 0.74 resistance zone, also yesterday’s high, which is expected to ideally limit upside attempts and keep intact pivotal 0.7495 barrier, former consolidation range top, reinforced by falling daily 20SMA.

Res: 0.7400; 0.7435; 0.7495; 0.7550
Sup: 0.7324; 0.7300; 0.7250; 0.7204