USDJPY: Short-term bullish momentum

EUR/USD

Edging lower.

  • EUR/USD lies in a short-term bearish momentum. Hourly resistance is given at 1.1961 (27/11/2017 high). Hourly support given at 1.1809 (30/11/2017 low) has been broken. Expected to show continued decline.

  • In the longer term, the momentum is now turning largely positive. We favour a continued bullish bias. Key resistance is holding at 1.2252 (25/12/2014 high) while strong support lies at 1.0341 (03/01/2017 low).


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EURUSD

 

GBP/USD

Continued decline

  • GBP/USD has been trading lower over the past few days but the technical structure indicates an extension of bullish momentum. Support is given at a distance at 1.3027 (06/10/2017 low). Expected to show continued decline towards 1.3300.

  • The long-term technical pattern is reversing. The Brexit vote had paved the way for further decline. Long-term support can be found at 1.1841 (07/10/2017 low). Long-term resistance given around 1.35 is at stake and indicates a long-term reversal in the negative trend. Yet, it is very unlikely at the moment.

GBPUSD

 

USD/JPY

Short-term bullish momentum.

  • USD/JPY keeps on pushing higher. The pair has strongly bounced back. Hourly resistance is given at 112.70 (30/11/2017 high).

  • We favor a long-term bearish bias. Support is now given at 99.02 (10/08/2013 low). A gradual rise towards the major resistance at 125.86 (05/06/2015 high) seems unlikely. Expected to decline further support at 93.79 (13/06/2013 low).

USDJPY

This report has been prepared by AC Markets and is solely been published for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any currency or any other financial instrument. Views expressed in this report may be subject to change without prior notice and may differ or be contrary to opinions expressed by AC Markets personnel at any given time. ACM is under no obligation to update or keep current the information herein, the report should not be regarded by recipients as a substitute for the exercise of their own judgment.