USDJPY: resistance capped - sharp fall Retracement resistance at 108.90/00 has capped to avoid a base to see a sharp fall, with support next at 107.60/50 USDJPY failed to clear key resistance from the 38.2% retracement of the fall from April at 108.93, avoiding a small ‘head and shoulders’ base to see a sharp turn lower within the recent range. Support moves to 107.74/71 initially, ahead of better support at 107.60/50, which we ideally look to hold above to maintain the upside pressure within the range. Thereafter, immediate resistance moves to 108.14 then 108.48. Above can see a move back to 108.90/00, which remains a crucial barrier. Above here would suggest scope for the 55-day average at 109.08 where we would expect to see renewed selling initially.
A clear break below 107.60/50 remains needed to confirm the recovery effort is over, with potential uptrend from January then seen at 106.97. Below would clear the way for a move back to retest the current low and "neckline" to the early 2018 base at 106.78/69, where we would expect to see renewed buying.
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USDYEN : waiting for Powell! USD/JPY bid but holds under 109 ahead of Powell testimony
• USD/JPY bid on Gotobi Tokyo fix demand, Asia 108.85 to 108.99 before fade
• Offers ahead of 109.00 vacuumed but plenty more at 109.00, beyond
• Some specs eyeing stops 109.00+ but Japanese exporters, option players await
• USD 1.8 bln 109.00 option expires today, tomorrow 109.00-50 total 3.5 bln+
• US yields firm pre-Powell testimony, Tsy 10s @2.074%, Asia high 2.086%
• Powell talk tonight could prove decisive for USD going forward
EURCAD chart of the day has fallen sharply to challenge the 2018 low and medium-term uptrend from 2015 at 1.4766/60. A break below here would see a large top complete to mark an important change of trend lower with support then seen next at the 38.2% retracement of the entire 2012/2018 bull trend at 1.4616, with the long-term uptrend from 2012 and September 2017 low at 1.4442/41. The risk is seen lower whilst below 1.5054.
EURNZD 4hours possible short entries before reaching the grey Areas or breaking the trend lines there is no possible short entry as euro is getting stronger as a currency it self too, its quite risky to enter without confirmation but as the ladder shows, we are clearly seeing weakness in the on going uptrend
GBPJPY long!!!this is the process how i find my trades coming down from monthly and mostly break out trades the last few trades didnt go so well due to so many news and gaps in the market but this month we will recover and get back on track. when you want to find MACD breakouts the reference points should be the last divergence that reversed the market the soul strategy comes from VDUB you can check his strategy and channel but i do combine a few methods that ive learned during past 7 years of trading.