USDJPY
The pair showed strong hesitation at 100.00 support zone which was retested today, after Monday’s strong fall that left long red daily candle. Immediate downside risk was sidelined by bounce to 100.97, however, rally stalled on approach to near-term pivots at 101.06 and 101.23.
Overall strong bearish structure is signaled by firm negative alignment of daily Ichimoku studies, as well as bearish setup of daily MA’s and indicators which maintains downside pressure.
Extended consolidation above 100.00 support (where near-term base is forming and is reinforced by bull-trendline off 24 June post-Brexit low) might be likely near-term scenario before fresh attempts through 100.00, towards next targets at 99.52 and 98.98.
Alternative scenario requires firm break above 101.23 (23 Sep lower top) for stronger correction towards 101.41 (falling Tenkan-sen) and 101.73 (Fibo 61.8% of 102.77/100.06 downleg) in extension.
Res: 100.97; 101.23; 101.73; 102.11
Sup: 100.23; 100.00; 99.52; 98.98
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
Recommended Content
Editors’ Picks
EUR/USD stabilizes near 1.0800 as trading action turns subdued
EUR/USD holds steady near 1.0800 on Thursday and remains on track to end the day in negative territory following upbeat macroeconomic data releases from the US. The action in financial markets turn subdued as trading volumes thin out heading into Easter holiday.
GBP/USD extends sideways grind above 1.2600
GBP/USD fluctuates in a narrow channel above 1.2600 on Thursday. The better-than-expected Initial Jobless Claims data from the US and the upward revision to the Q4 GDP growth help the USD stay resilient against its rivals and limits the pair's upside.
Gold pulls away from daily highs, holds above $2,200
Gold retreats from daily highs but holds comfortably above $2,200 in the American session on Thursday. The benchmark 10-year US Treasury bond yield stays near 4.2% after upbeat US data and makes it difficult for XAU/USD to gather further bullish momentum.
XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC
XRP programmatic sales ruling by Judge Torres was completely rejected by another US Court that ruled in favor of the SEC in a lawsuit against Coinbase.
Portfolio rebalancing and reflation trades emerge into Q2
Yesterday’s price action pointed at a possible end-of-quarter portfolio rebalancing as the session saw the laggards of the quarter like Apple and Tesla gain, and the stars like Microsoft and Nvidia retreat.