EURJPY Recovers From 130.00 Level, Yen Under Pressure as US Yields Rise

EURJPY Recovers From 130.00 Level, Yen Under Pressure as US Yields Rise

EURJPY Price Analysis – April 9

During Friday’s European session, the EURJPY picks up steam from the prior day’s recovery at the 130.00 level and continues to pursue higher levels around the 131.00 regions. The pair will have to overcome a 130.66 upside barrier to improve its traction towards the 131.00 level. The firm daily recovery in US yields supports a selling bias around the Japanese safe haven, bringing the EURJPY cross closer to its yearly highs around 130.66.

Key Levels
Resistance Levels: 131.50, 131.00, 130.66
Support Levels: 129.56, 128.29, 127.50
EURJPY Long term Trend: Bullish
As seen on the daily chart, EURJPY has so far managed a 130.67 high; further strength eyes 131.00 high level, which can smoothen the path up towards the key markers of 132.06 and 134.42 levels. The pair is currently trading at 130.43, up 0.24 percent, and a break above the 130.66 resistance zone would take it to 131.00, a new year high.

Initial support, on the other hand, is at 130.00, followed by 129.56 (the prior day’s low) and finally 128.29. (March low). In the meantime, the rise from 114.39 is seen as a medium-term phase of growth within a long-term consolidation pattern. As long as the support level at 119.31 remains unchanged, steady growth is predicted.
EURJPY Short term Trend: Bullish
So far, the EURJPY pair has been unable to break through resistance at 130.66 level, and the intraday bias remains neutral. On the downside, a break of minor support at 129.56 level would extend the consolidation from 130.66 level and result in a new drop.

On a break of the 128.29 support level, the intraday bias will be switched back to the downside. However, the downside should be contained above the 127.50 resistance level, which has now turned into support. A decisive breach of 130.66 level on the upside will restart the entire rally from 114.39 level.

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EUR/AUD Leg Higher On Cards!

EUR/AUD Leg Higher On Cards!

EUR/AUD flirts with a strong resistance area after jumping above some near-term obstacles. The pair have shown reversal signals, but we still need confirmation before going long.

The price action indicated that the downside movement is over and that the pair may develop a new leg higher. The volatility is high in the short term, that’s why we have to be careful when deciding to go long.

EUR/AUD H4 Chart Analysis!

EUR/AUD escaped from a minor triangle and now is located above a downtrend line and right below 23.6% and under the median line (ML). Technically, the pair was somehow expected to increase after breaking above the major black downtrend line.

The breakout above the short-term downtrend line and through R1 (1.5551) was validated by a retest. Now, we need a valid breakout above the 1.5610, 23.6%, and above the median line (ML) to consider going long.

Conclusion! 

EUR/AUD is trading around a strong resistance area. So, we have to wait for the rate to take out the immediate resistance levels before taking action.

 

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GBP/JPY Continues Its Downward Move, May Find Support at Level 149.57

GBP/JPY Continues Its Downward Move, May Find Support at Level 149.57

Key Resistance Levels: 150.000, 152.000, 154.000
Key Support Levels: 146.000, 144.000, 142.000

GBP/JPY Price Long-term Trend: Bullish
GBP/JPY is in an uptrend but currently faces rejection at level 153.00. The pound is falling after rejection at the recent high. The pound price has broken the 21-day SMA and it is approaching the 50-day SMA. A break below SMAs will accelerate the selling pressure. However, if price found support above the 50-day SMA, the pair will resume the uptrend.

GBP/JPY – Daily Chart

Daily Chart Indicators Reading:
The currency pair has fallen to level 46 of the Relative Strength Index period 14. This indicates that the pair is in the downtrend zone and below the centerline 50. The 21-day and 50-day SMAs are sloping upward indicating the previous trend.

GBP/JPY Medium-term Trend: Bullish
On the 4-hour chart, the pair is in a downtrend. The pound retested the level 151.00 to resume the downtrend. Meanwhile, on April 8, a downtrend; a retraced candle body tested the 618% Fibonacci retracement level. The retracement level indicates that the Yen will fall to level 1.618 Fibonacci extensions or level 149.57.

GBP/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The GBP/JPY pair is below the 40% range of the daily stochastic. The market is in a bearish momentum. The 21-day and 50-day SMAs are sloping downward indicating the downtrend.

General Outlook for GBP/JPY
The GBP/JPY pair is still likely to fall as it approaches the oversold region of the market. According to the Fibonacci tool, the currency pair will fall to level 1.618 Fibonacci extension or level 149.57. From the price action, the pound has fallen to level 149.80.



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EUR/USD Sell-Off Favored!

EUR/USD Sell-Off Favored!

EUR/USD is traded near a strong resistance area, so a sell-off could appear soon. The price action has a printed bearish engulfing which is seen as a reversal pattern.

As you already know, the USD was into a corrective phase versus its rivals as the USDX retreated a little. Though, the US Dollar Index maintains a bullish outlook. USDX’s increase could force EUR/USD to drop again.

EUR/USD H1 Technical Analysis

EUR/USD registered a false breakout with great separation above 38.2% and a bearish engulfing on the weekly R3 (1.1891). All these have signaled that the bulls are exhausted and that the bears could take control.

It has found resistance at the upper median line (uml) and now is traded below the median line (ml). Dropping and stabilizing below the immediate lows could validate a new sell-off.

Conclusion!

EUR/USD found strong resistance at the weekly R3 (1.1891) showing exhaustion. It has printed also a minor Head and Shoulders pattern. A new lower low could bring a bearish momentum.

 

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USD/JPY Slumps to Level 109.47, May Resume Up Trending

USD/JPY Slumps to Level 109.47, May Resume Up Trending

Key Resistance Levels: 111.000, 112.000, 113.000
Key Support Levels: 104.000, 103.000, 102.000

USD/JPY Price Long-term Trend: Bullish
The USD/JPY pair has continued its upward move but it is currently facing rejection from level 111.00. The pair is retracing and has found support above the 21-day SMA. Meanwhile, on March 31 uptrend; a retraced candlestick tested the 50% Fibonacci retracement level. The retracement implies that the Yen will rise to level 2.0 Fibonacci extension or level 113.49.

USD/JPY – Daily Chart

Daily Chart Indicators Reading:
The pair has fallen to level 57 of the Relative Strength Index period 14. The pair is in the uptrend zone and above the centerline 50. The 21-day SMA and 50-day SMA are sloping northward indicating the uptrend.

USD/JPY Medium-term Trend: Bearish
On the 4-hour chart, the pair is in a downward move after rejection from level 111.00. On April 5 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. It indicates that the market will fall to level 2.0 or level 109.17.

USD/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
USD/JPY pair has fallen below the 20% range of the daily stochastic. It indicates that the pair is in a bearish momentum. It also indicates that the market has fallen to the oversold region. The 21-day and 50-day SMAs are sloping downward indicating a downtrend.

General Outlook for USD/JPY
The Yen has been in a downward move. From the price action, the Yen has fallen and it is testing the 2.0 Fibonacci extension or 109.47 low. The pair will resume an uptrend if the current support holds. The market will decline to level 108.40 if the selling pressure persists.


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GBP/NZD Double Top Activated!

GBP/NZD Double Top Activated!

GBP/NZD increases at the time of writing being located at 1.9558 versus 1.9532 today’s low. Still, the rebound could be only a temporary one after the last sell-off.

Technically, the pair has developed a reversal pattern, so it is expected to extend its decline. The price action signaled that GBP/NZD may approach and reach fresh new lows soon.

GBP/NZD H4 Technical Analysis!

First of all, the rate has printed a Double Top pattern right above 1.98 psychological level. As you can see, the rate has retested the upper median line (UML) validating the descending pitchfork.

Now it has dropped below 1.9588 static support and under the pitchfork’s sliding line (SL) announcing high pressure.

It has plunged below 1.9539 former low and under the weekly S1 (1.9552). Stabilizing below these levels confirms a further drop. The bias will be bearish as long as the price is traded within the down channel’s body.

Conclusion! 

The current drop below 1.9588 activates the Double Top reversal pattern. Stabilizing below the former low validates more declines.

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GBP/CAD Bullish Pressure Grows!

GBP/CAD Bullish Pressure Grows!

GBP/CAD is trading in the red at 1.7403 level and it could decrease a little before resuming its rebound. The price continues to move sideways trying to accumulate more bullish energy.

The Pound is fighting hard to recover after yesterday’s massive drop. On the other hand, the Canadian Dollar seems vulnerable versus some of its rivals. It remains to see how the pair will react after the Canadian data.

The Ivey PMI is expected to increase from 60.0 to 62.0 points, while the Trade Balance could fall to 1.3B. FOMC Meeting Minutes could shake the markets tonight and could bring volatility on this pair as well.

GBP/CAD H4 Analysis!

GBP/CAD stands below 1.7435 critical static resistance. A valid breakout above this level and through R (1.7454) could attract more buyers. Passing above the immediate high may validate more gains.

The pressure remains high around 1.7435, that’s why we need confirmation. Technically, GBPCAD moves sideways after escaping from the down channel. A new higher high could activate the bullish reversal.

Conclusion!

Breaking out from the down channel signaled an upside reversal. Still, this scenario could be validated by a new higher high.

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EUR/NZD Upside Momentum!

EUR/NZD Upside Momentum!

EUR/NZD rallies in the short term after ending its temporary correction. The price has found strong support and now it has turned to the upside again.

The pair is strongly bullish and it could approach and reach other upside targets. The Euro-zone Final Services PMI  increased from 48.8 to 49.6 beating the 48.8 estimates, while the German Final Services PMI increased unexpectedly from 50.8 to 51.5, even if the specialists have expected to see the indicator steady at 50.8.

Euro could resume its appreciation versus the NZD as the economic figures have come in better than expected.

EUR/NZD H1 Chart Analysis!

EUR/NZD has found support right below the descending pitchfork’s median line (ML) and under 38.2%. The aggressive breakout through the weekly pivot point and above R1 signals more gains.

Still, we could get a new chance to go long if the rate decreases a little to retest the weekly R1 (1.6838). R2 (1.6958), 61.8%, and the upper median line (UML) are seen as upside targets.

Conclusion!

Today’s aggressive breakout through 50% and above R1 (1.6838) confirms further growth. A minor decline could help us to catch a new upside momentum.

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USD/CAD Resumes Selling Pressure After Testing Resistance at 1.2620

USD/CAD Resumes Selling Pressure After Testing Resistance at 1.2620


Key Resistance Levels: 1.4200, 1.4400, 1.4600
Key Support Levels: 1.3400, 1.3200, 1.3000

USD/CAD Price Long-term Trend: Bearish
USD/CAD pair is in a downtrend. Presently it is rising in an upward move. The upward move is facing resistance at the 50-day SMA. The downtrend will resume if the pair faces resistance at the 50-day SMA. Since March 29, the bulls have been struggling to break the 50-day SMA.

USD/CAD – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping downward indicating the downtrend. USD/CAD is at level 53 of the Relative Strength Index period 14. It indicates that the pair is in the uptrend zone and has room to rally on the upside.

USD/CAD Medium-term Trend: Bullish
On the 4-hour chart, the pair is in a brief uptrend. On April 6, the retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that USD/CAD will rise to level 1.618 Fibonacci level or the high of 1.2610. Presently, the pair is testing this Fibonacci extension level. Besides, the market is approaching the overbought region.

USD/CAD – 4 Hour Chart

4-hour Chart Indicators Reading
USD/CAD is above 80% range of the daily stochastic. It indicates that the market has reached the overbought region. Sellers are likely to emerge in the overbought region to push prices downward. Presently, the SMAs are sloping upward indicating the uptrend.

General Outlook for USD/CAD
USD/CAD price has risen to the overbought region of the market. The pair is likely to fall and the bearish trend may resume. USD/CAD price is presently hovering above level 1.2600.

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GBP/JPY Correction In Play!

GBP/JPY Correction In Play!

GBP/JPY reached a strong dynamic resistance and now it could develop a correction. The price is traded at 152.81 at the time of writing, a new lower low could signal more declines.

Technically, a temporary retreat is natural and somehow expected after the most recent growth. GBP is strongly bearish and it loses ground versus all its rivals and not only against JPY.

GBP/JPY H1 Chart Analysis

GBPJPY is pressuring the S1 (152.82) static support after ignoring the pivot point (153.09). The price has found strong resistance at the R1 (152.46), right on the warning line (WL1).

Closing and stabilizing below the S1 could signal a further decline. A new lower low could activate a broader retreat in the short term.

Conclusion!

GBP/JPY found strong resistance after the most recent upwards movement. A new lower low could signal a significant correction.

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