USDJPY overbought, targeting 110

Jason Sen DayTradeIdeas.co.uk

Daily Forecast - 26 April 2017

AUDUSD Spot

AUDUSD still holding what is now first resistance at 7545/40 to re-target what should be better support at 7520/15. If you try a long here stop below 7500 for a retest of the 7475/70 April low.

First resistance at 7540/45 but above here re-targets resistance at 7575/80. Again try shorts with stops above 7600. However it is only above last week's high at 7610 that bulls are back in control to target minor resistance at 7640/45. If we continue higher look for 7675/78.

USDJPY Spot

USDJPY holding below 111.00 is negative for today in short term overbought conditions targeting first support at 110.60/50 perhaps as far as better support at 110.00/90. Watch for a low for the day but longs need stops below 1.0975.

Try shorts at 110.05/15 with stops above 110.40. A break higher targets the next selling opportunity at 112.00/112.10. Try shorts with stops above 112.40.

GBPUSD Spot

GBPUSD minor resistance at 1.2800 but stronger resistance at 1.2860/70 is key to direction. A break higher signals a bullish breakout of the flag targeting the 1.2900/04 high from last week. Bulls are in control so a break above the September low at 1.2912 targets 1.2935 & 1.2950 then 1.2990/95 & 1.3020.

First support at the December high at 1.2770/1.2760 but below 1.2740 targets good support at 1.2720/10. Try longs with stops below 1.2685. Just be aware that further losses target minor support at 1.2650/40 then a buying opportunity at 1.2610/00.

Author

Jason Sen

DayTradeIdeas.co.uk

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