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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; A week ago, EUR bears were likely chilling their champagne bottles in anticipation of potential profits to be realized as ...

          
   
  1. #251
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    EUR/USD Possible Daily Breakout

    A week ago, EUR bears were likely chilling their champagne bottles in anticipation of potential profits to be realized as of the close of trading this week. An ECB with a worsening economic outlook seemed to be a ripe environment for sharp losses. On Wednesday, when the ECB met, the markets grabbed onto the message that the ECB will consider whether it needs to mitigate any of the side effects from negative rates and the long-term bank funding “solution: known as TLTRO-III, but that was not enough to bring out the bears accumulation of shorts.

    USDJPY and EURUSD Technical Analysis-eurusd14042.gif

    Now, the EUR is moving to the highest levels since late March after forming a potential double-bottom low of $1.1184 per EUR on April 2nd (monthly opening range low).

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  2. #252
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    Japanese Yen Technical Analysis: USDJPY Daily Bullish

    The Japanese Yen has returned to the defensive against the US Dollar after a period of daily-chart strength last week, with USD/JPY well illustrating the value of Fibonacci retracement levels to technical analysis.

    USDJPY and EURUSD Technical Analysis-usdjpy15042.gif

    Between April 7 and 10 the pair retreated below the uptrend channel which had previously bounded trade since the lows of March 25. A surge in market risk aversion saw the Dollar and Yen locked in a ‘battle of the havens’ which the latter seemed to be winning. USD/JPY saw three consecutive days of quite heavy falls up to April 10.
    However, then Mr. Fibonacci took charge. USD/JPY’s fall duly halted at the first, 23.6% retracement level of 2019’s rise.

    That came in at 110.86 which, not at all coincidentally, was the intraday low of April 10. Since then the pair has edged albeit gingerly back into that uptrend channel and, perhaps as significantly, risen back into the important resistance zone composed of the previous significant highs. They were struck in early March.

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  3. #253
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    GBP/JPY Price Outlook

    Negative Break to The Downside

    Since early Jan GBP/JPY has been trading to the upside from the higher-high created on Jan 25 at 144.84, to Feb 7 higher low at 141.01. On Feb 25 the pair opened with an exhaustion gap indicating that the uptrend would end soon.
    GBP/JPY started to correct this movement on April 3 carving a lower high at 147.20 and a higher low on April 9 at 144.78, then to start a bearish movement creating on April 12 another lower high at 147.01 with a lower low on April 25 at 143.76.

    USDJPY and EURUSD Technical Analysis-gbpjpy-h4-alpari-international-2.png


    On May 6 bearish momentum gained strength when the price opened with a breakaway downside gap, starting a sell-off so the price closed on May 10 at 142.98. On Monday GBP/JPY opened with a measuring gap at 142.77 encouraging the pair to move further to the downside breaking below the levels mentioned in last week article 141.90 and the 141.04 – 140.94 zone.

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  4. #254
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    USD/JPY - strong bearish

    The Japanese Yen is now a clear winner in its battle of the havens with the US Dollar. Global risk aversion largely rooted in the intensification of trade war between China and the US has seen USDJPY retreat very close to its lows for the year, which were made in early January.

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


    Technically speaking the pair now flirts with a decisive break of 108.43 on its daily chart. That point is significant because it marks the fourth, 61.8% Fibonacci retracement of the rise up from the lows of March 2018 to the peak of October the same year. That peak has not been topped since.
    If a break lower through it is confirmed then the Dollar will find itself in a zone of support between that point and 106.97 which is the final retracement point before the pair is looking at total negation of the entire rise.

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