The pair was able to complete forming the expected bearish technical pattern in our last reports, achieving the daily and weekly closing below the breached neckline at 1.2730; therefore, making us to expect a bearish direction for this week that will witness some fluctuation and minor bullish correction due to the positive affect of momentum indicators. We point out that technical targets start at 1.2470 then 1.2350, while the daily closing must be below 1.2820 to achieve targets.
The trading range for today is among the key support at 1.2350 and the key resistance at 1.2950.The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.
The pair continues stabilizing below support for the previously breached bullish channel, where it has taken up a bearish path within the descending minor channel shown below. We might witness some upside movement that will touch this channel’s resistance around 1.5650, but keep in mind that the clear overbought signs appearing through momentum indicators encourage us to resume the expected bearish trend for this week; targets start at 1.5450 then attempt to breach it to pave the way towards 1.5185. The bearish trend will continue requiring the daily closing to be below 1.5685.
The trading range for today is among the key support at 1.5185 and the key resistance at 1.5740.The short term trend is to the downside as far as 1.6070 remains intact with targets at 1.3800.
USDJPYThe pair is trading currently within the bearish channel that controls the short term trading, keeping in mind that SMA 100 is forming the top for this trading. Momentum indicators are heading to the downside, which therefore makes us expect the breach of support for the sideway intraday range at 85.15 and then pave the way towards initial support for the bearish channel at 83.80. Keep in mind that the expected bearish direction for this week will remain intact, as long as the daily closing is below 86.40.
The trading range for today is among the key support at 83.00 and the key resistance at 87.35.The short term trend is to the downside as far as 91.55 remains intact with targets at 82.60.
The pair continues trading near support for the sideway range leaning to the downside at 1.0305, where negative pressure is coming fromSMA 50 as momentum indicators are showing oversold areas that will cause us to maintain previous expectations intact. We expect a possible bullish trend this week that chiefly targets resistance for the current channel at 1.0590. The bullish trend’s continuation relies on the daily closing above 1.0305 to prevail.
The trading range for today is among the key support at 1.0200 and the key resistance at 1.0645.The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.1730.
The pair stabilized trading above the resistance for the bearish channel after the pair succeeded in breaching it on Friday, where it has currently turned into support at 1.0440 since we expect the pair to head to retest it due to the negative signs on momentum indicators appearing on the four hour chart. The closing last Friday closed above this level, alongside surpassing SMA 50 are factors that make us expect a bullish overall trend this week; targeting 1.0590 then 1.0675, but keep in mind the importance of the closing stabilizing above 1.0380 to maintain chances of achieving these expectations.
The trading range for today is among the key support at 1.0315 and the key resistance at 1.0745.The short term trend is to the upside as far as 0.9925 remains intact with targets at 1.1485.