Slobodan Drvenica
Windsor Brokers
USD/JPY
USDJPY remains under increased pressure on Monday and extends steep bear-leg from 151.43 lower top into third straight day.
Last week’s close below psychological 150 level generated initial bearish signal which was boosted by today’s extension through 148.44 (Fibo 23.6% of 137.23/151.90 rally) and drop into rising daily cloud (cloud top lays at 148.37).
Daily close below these levels to add to signals of a double top and reversal, which may spark deeper pullback towards next strong supports at 146.30 and 145.84 (Fibo 38.2%/daily cloud base).
Weakening daily studies (south-heading 14-d momentum is travelling deeply into negative territory/converged daily Tenkan/Kijun-sen are about to form a bear-cross) support bears, though the action may slow due to oversold conditions.
Limited upticks should be ideally capped by broken 55DMA (149.28) to keep bears in play and offer better selling opportunities.
Only sustained break above 150 level would sideline immediate downside threats.
Res: 148.80; 149.28; 150.00; 150.38.
Sup: 147.29; 146.51; 146.30; 145.84.
Interested in USD/JPY technicals? Check out the key levels
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 holds steady at around 1.0750 ahead of this week's key events
EUR/USD continues to trade sideways at around 1.0750 on Monday. The cautious market mood helps the US Dollar (USD) hold its ground as investors gear up for key macroeconomic data releases and central bank meetings of this week.
GBP/USD retreats toward 1.2550 from daily highs
GBP/USD lost its traction and retreated to the 1.2550 area after rising toward 1.2600 in the European session. October labor market data from the UK and November inflation data from the US will be released on Tuesday ahead of the Fed's and the BoE's policy meetings.
Gold extends daily slide toward $1,980 Premium
Gold price remains under heavy bearish pressure and trades at its lowest level in nearly three weeks at around $1,980. The benchmark 10-year US Treasury bond yield is up more than 1% on the day, weighing on XAU/USD ahead of this week's key macroeconomic events.
Bitcoin price backtracks to $40,000 as whales move to sell $671 million worth of BTC
Bitcoin price crashed on Monday for the first time in nearly three weeks. The market was expecting a bullish continuation until the Securities & Exchange Commission (SEC) approves a spot BTC ETF in January 2024.
Big week ahead for commodities with FOMC, ECB and BOE in focus – What's next?
The most highly anticipated week of the year and quite possibly the most pivotal moment in monetary policy history is finally here – as central banks from Washington to Frankfurt to London and beyond prepare to deliver their final interest rate decisions of 2023.