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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
    Senior Member TechnoMeter's Avatar
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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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