Slobodan Drvenica
Windsor Brokers
The pair continues to trend higher and holds firm bullish mode for the third straight day.
Tuesday’s close above pivotal 200SMA barrier was strong bullish signal, as fresh extension higher cracked next targets at 110.62 (Fibo 76.4% of 111.39/108.11 pullback).
The pair is currently riding on the third wave (of five-wave cycle from 108.11) which pressures its 76.4% Fibo expansion at 110.85 and could extend to 111.36 (Fe 100%), to validate.
Daily techs in firm bullish configuration are supportive, with Fed in focus. Hawkish tone from the central bank would further boost the greenback. Hourly Tenkan-sen (110.52) and Kijun-sen (110.39) mark initial supports and guard 110.21 (top of thick hourly cloud) and key support at 110.16 (200SMA) which should keep the downside protected.
Res: 110.85; 111.00; 111.36; 111.88
Sup: 110.52; 110.39; 110.16, 109.88
Interested in USDJPY 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 consolidates recovery below 1.0700 amid upbeat mood
EUR/USD is consolidating its recovery but remains below 1.0700 in early Europe on Thursday. The US Dollar holds its corrective decline amid a stabilizing market mood, despite looming Middle East geopolitical risks. Speeches from ECB and Fed officials remain on tap.
GBP/USD advances toward 1.2500 on weaker US Dollar
GBP/USD is extending recovery gains toward 1.2500 in the European morning on Thursday. The pair stays supported by a sustained US Dollar weakness alongside the US Treasury bond yields. Risk appetite also underpins the higher-yielding currency pair. ahead of mid-tier US data and Fedspeak.
Gold appears a ‘buy-the-dips’ trade on simmering Israel-Iran tensions
Gold price attempts another run to reclaim $2,400 amid looming geopolitical risks. US Dollar pulls back with Treasury yields despite hawkish Fedspeak, as risk appetite returns.
Manta Network price braces for volatility as $44 million worth of MANTA is due to flood markets
Manta Network price is defending support at $1.80 as multiple technical indicators flash bearish. 21.67 million MANTA tokens worth $44 million are due to flood markets in a cliff unlock on Thursday.
Have we seen the extent of the Fed rate repricing?
Markets have been mostly consolidating recent moves into Thursday. We’ve seen some profit taking on Dollar longs and renewed demand for US equities into the dip. Whether or not this holds up is a completely different story.