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USDJPY and EURUSD Technical Analysis

This is a discussion on USDJPY and EURUSD Technical Analysis within the Forex Trading forums, part of the Trading Forum category; The Japanese Yen is staging a very modest fightback against the US Dollar after weeks of unrelenting bullishness towards the ...

          
   
  1. #231
    Senior Member TechnoMeter's Avatar
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    Japanese Yen Technical Analysis: USD/JPY Holds Bullish

    The Japanese Yen is staging a very modest fightback against the US Dollar after weeks of unrelenting bullishness towards the greenback. USD/JPY seems tentatively to have made some kind of top at last Monday’s intraday high. That came in at 111.39. The US Dollar has been declining since, part of a broad based retracement which has seen it lower against the New Zealand and Australian Dollars too, even if the Euro remains under a bit of pressure thanks to political worries in Italy.

    USDJPY and EURUSD Technical Analysis-usdjpy-w1-fx-choice-limited.png


    Still, it may not make sense to bet on a comprehensive turnaround in US Dollar sentiment just yet. USD/JPY's retracement has been quite modest and for the moment at least seems limited to a support zone derived from the previous significant peaks, which were made in early February.

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  2. #232
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    EUR/USD Technical Forecast: ranging near weekly bearish reversal

    The theme of selling EURUSD has shown no signs of abating with the pair now trading around the mid-1.16 area. Last week saw the trendline dating back to January 2017 offer some mild support on Wednesday, however, another bout of Euro weakness saw the trendline support ultimately breached. A close below the trendline could provide a telling sign that another leg lower will be in store for the pair.

    USDJPY and EURUSD Technical Analysis-eurusd-w1-metaquotes-software-corp.png


    As we look ahead to next week, risk events on the calendar for the Euro will come in the form of the Eurozone inflation and the latest US NFP report. In terms price action, the aforementioned breach of the Jan'17 trendline sets up run in on the 2016 high situated at 1.1616, while a weekly low from November 7th at 1.1553 looks to be pivotal, a break below will likely see an extension of the bear run. Resistance on the topside resides at 1.1709, marking the 38.2% Fibonacci Retracement of the 1.0340-1.2556 rise, alongside 1.1750 (May 24th high).

    EURUSD bulls on the longer term may find comfort in the fact that the Relative Strength Index on the daily chart is in oversold territory, which could indicate that the pair may see a modest reversal in the near-term. However, when the pair has previously been in oversold territory the rebound has been mild at best and followed by another wave of selling.

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  3. #233
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    EURJPY Possible Buy signal

    Technical Analysis:

    Trade Signal
    EURJPY is at a weekly support 127.13 , a good place for long term buyers

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  4. #234
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    USD/JPY: Net-Short Positions Up

    USDJPY: Retail trader data shows 52.0% of traders are net-long with the ratio of traders long to short at 1.08 to 1. In fact, traders have remained net-long since May 23 when USDJPY traded near 109.258; price has moved 0.5% lower since then. The number of traders net-long is 2.3% lower than yesterday and 7.0% higher from last week, while the number of traders net-short is 18.9% higher than yesterday and 6.8% higher from last week.

    USDJPY and EURUSD Technical Analysis-usdjpy-d1-fx-choice-limited.png


    We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests USDJPY prices may continue to fall. Positioning is less net-long than yesterday but more net-long from last week. The combination of current sentiment and recent changes gives us a further mixed USDJPY trading bias.

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  5. #235
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    USDJPY - possible weekly breakout with the bullish reversal

    USDJPY: Retail trader data shows 53.0% of traders are net-long with the ratio of traders long to short at 1.13 to 1. The number of traders net-long is 3.9% higher than yesterday and 4.1% lower from last week, while the number of traders net-short is 3.1% lower than yesterday and 7.6% higher from last week.

    USDJPY and EURUSD Technical Analysis-usdjpy-w1-fx-choice-limited-4.png


    We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests USDJPY prices may continue to fall. Positioning is more net-long than yesterday but less net-long from last week. The combination of current sentiment and recent changes gives us a further mixed USDJPY trading bias.

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