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EURUSD rebound is at test near 0.9830 resistanceEURUSD defends the first weekly gain in three around the 20-year low during early Monday. The recovery also gains support from the RSI and the MACD. However, an downward sloping resistance line from September 12, around 0.9830 by the press time, challenges the immediate upside moves. In a case where the quote rises past 0.9830, the 200-SMA and the 61.8% Fibonacci retracement level of the pair’s August-September downturn, respectively near 0.9950 and 1.0050, could challenge the bulls. It’s worth noting that a two-month-old downward sloping trend line around 1.0090, quickly followed by the 1.0100 threshold, appears the defense of the pair sellers. Alternatively, the 50-SMA and the 23.6% Fibonacci retracement level, close to 0.9740 and 0.9730 in that order, could test the EURUSD pair’s pullback. Following that, the 0.9640 and the 0.9580 levels might poke the bears before giving them control. In that case, the latest trough surrounding 0.9540 should act as a buffer before highlighting the September 2001 peak near 0.9330. Overall, the EURUSD rebound is likely to extend for a while as traders await the key data from the US. However, the bearish trend isn’t challenged yet.
by MTradingGlobal
AUDUSD bears again aim for sub-0.6400 areaAUDUSD fails to extend the previous day’s corrective bounce off the two-year low as a 12-day-old resistance line joins the 61.8% Fibonacci Expansion (FE) of April-August moves, around 0.6530, to recall the bears. The nearly oversold RSI conditions, however, challenge the pullback moves, which in turn suggest limited downside and highlight the 78.6% FE level near 0.6365. In a case where the pair declines below 0.6365, the 0.6300 and the 0.6200 thresholds may please the bears before directing them to the 100% FE level near 0.6150. Alternatively, recovery moves must stay successfully beyond the 0.6530 resistance confluence to aim for the 2.5-month-old hurdle, around 0.6680-85. Following that, the monthly high near 0.6915 and a downward sloping resistance line from early June, close to 0.7020, will be in focus. Overall, AUDUSD is up for further downside but the room to the south appears limited.
by MTradingGlobal
USDJPY bulls are bracing for 147.00USDJPY has been navigating inside the 300-pip trading range at a 24-year high in the last three weeks. Despite the yen pair’s latest inaction, the lower low on prices joins the lower bottom on the RSI (14), which in turn joins firmer MACD to keep the buyers hopeful. However, a clear upside break of 144.75, comprising the 78.6% Fibonacci Expansion (FE) of the pair’s late March to early August moves, becomes necessary to poke a five-month-old ascending trend line resistance near 147.00. During the rise, the latest swing top around 146.00 could probe the buyers while a successful rise beyond the 147.00 hurdle might flash the 150.00 threshold on the chart. Alternatively, the 21-DMA support around 142.60 may act as an immediate halt during the USDJPY pair’s pullback before highlighting the stated range’s bottom, including the 61.8% FE level near 141.60. In a case where the pair drops below 141.60, the 140.00 round figure and July’s high near 139.40 could lure the bears. It should be noted that the sustained downtrend past 139.40 could drag prices towards the 100-DMA support of 135.70. Overall, USDJPY remains on the buyer’s radar but needs a trigger to activate the next leg to the north.
by MTradingGlobal
EURUSD bears await Fed’s decision to refresh yearly lowEURUSD gyrates between the 50-DMA and a two-month-old support line surrounding the yearly bottom flashed last week. The steady RSI and bearish MACD signals, however, keep the sellers hopeful as markets await the Fed. That said, a downside break of the aforementioned support line, around 0.9850 by the press time may avail an intermediate halt near the 0.9800 threshold before directing the quote towards the 61.8% Fibonacci Expansion (FE) of late June to early August moves, near 0.9730. It’s worth noting that the pair’s downside past 0.9730 will make it vulnerable to testing the early 2001 top near 0.9600. Alternatively, recovery moves beyond the 50-DMA hurdle, around 1.0100, needs validation from the monthly high near 1.0200 to convince the EURUSD buyers. Following that, a run-up towards the previous monthly high surrounding 1.0370 can’t be ruled out. In a case where the currency pair rises past 1.0370, its run-up towards the late June swing high of 1.0615 can’t be ruled out. Overall, EURUSD remains on the bear’s radar but awaits the FOMC to trigger the fresh south-run.
by MTradingGlobal
NZDUSD hovers above 0.5890 key support as the Fed week beginsNZDUSD dropped to the lowest level since May 2020 before bouncing off 0.5940 on Friday. The recovery, however, remains unattractive as the Kiwi pair stays inside a six-week-old bearish channel. Even so, the oversold RSI conditions may allow short-term buyers to aim for 0.6100-10 resistance confluence, including the 21-DMA and the stated channel’s upper line. It’s worth noting that multiple lows marked during late July and early August could act as extra upside filters around 0.6220, a break of which could quickly propel the prices towards the previous monthly top near 0.6470. Alternatively, a convergence of the aforementioned channel’s bottom and a downward sloping support line from May 12 constitute the 0.5890 level as a crucial downside support for the NZDUSD bears to watch during the pair’s further declines. Also acting as an extra check for sellers is the 61.8% Fibonacci Extension (FE) of the pair’s April-August moves, near 0.5870. If at all the Kiwi pair breaks the 0.5870 support, the odds of its south-run towards the 78.6% FE level surrounding the 0.5700 threshold can’t be ruled out. Overall, NZDUSD remains in a bearish trend ahead of the key FOMC meeting, as well as today’s speech from RBNZ Governor Adrian Orr.
by MTradingGlobal
USDJPY stays on the way to 150.00Despite the latest pullback from a 24-year high, the USDJPY remains inside a five-month-old megaphone formation suggesting a further widening of the uptrend. Even so, the overbought RSI (14) suggests a pullback of the yen pair, which in turn highlights a two-month-old horizontal support area surrounding 134.00-134.40. Following that, the 50-DMA and 100-DMA could test the pair sellers around 136.80 and 134.00 respectively. It’s worth noting that the stated megaphone’s lower line, near 132.40, appears the last defense for the pair buyers. Meanwhile, recovery moves may initially aim for the 78.6% Fibonacci Expansion (FE) of the pair’s late March to early August moves, near 144.75, before challenging the megaphone’s top, close to 145.75. In a case where USDJPY bulls keep reins, the tops marked during the June and August months of 1998, close to 146.80 and 147.70 in that order, could probe the upside momentum towards the 150.00 psychological magnet. Overall, a shift in the market sentiment isn’t a trend change and hence the bulls can keep control.
Long
by MTradingGlobal
EURUSD bears running out of steam ahead of ECBEURUSD fades bounce off the lowest levels in almost two decades as traders await the European Central Bank’s (ECB) second rate hike. The major currency pair portrays a four-month-old bearish channel and justifies the downbeat MACD signals to keep sellers hopeful irrespective of the widely-expected 75 bps hike. However, the 61.8% Fibonacci Expansion (FE) of May-August moves, near 0.9850, joins the nearly oversold RSI to probe the quote’s further downside. Even if the bears keep reins past 0.9850, backed by ECB’s disappointment, the pair prices could drop to the 78.6% FE level surrounding 0.9715. It’s worth noting, however, that the pair’s failure to bounce off 0.9715 could make it vulnerable to slumping towards the stated channel’s support line, close to the 0.9600 threshold. Meanwhile, ECB’s positive surprise could offer immediate strength to the EURUSD and can challenge the short-term hurdle, namely the 20-day EMA level near the 1.0000 psychological magnet. However, the pair’s further advances need validation from late July’s low around 1.0100. Even so, the bulls are likely to remain off the table unless witnessing a clear upside break of the aforementioned channel’s resistance line, at 1.0170 by the press time. Overall, EURUSD is likely to remain on the bear’s table irrespective of the ECB’s attempt to defend the regional currency. That said, the odds of witnessing intermediate bounces can’t be ruled out.
by MTradingGlobal
AUDUSD braces for yearly low on RBA dayAUDUSD bears take a breather after bouncing off a two-month-old horizontal support area, inside a broad bearish channel from early May, as traders await the Reserve Bank of Australia’s (RBA) verdict. Although the Aussie central bank is up for another 0.5% rate hike, the fears of economic slowdown due to the trade links with China appear to tease the sellers. That said, a clear downside break of 0.6760 appears necessary for the sellers to approach the yearly low near 0.6680. Following that, the likely oversold RSI (14) and lower line of the stated channel, could challenge the further downside around 0.6560. Even if the quote drops below 0.6560 support, the 61.8% Fibonacci Expansion (FE) of April-August moves, near 0.6530, could act as another downside filter. Meanwhile, recovery moves could aim for the early August low near 0.6870 before the 100-DMA hurdle surrounding 0.6990 gains the market’s attention. Should the AUDUSD bulls manage to cross the 0.6990 resistance, the 0.7000 threshold and the aforementioned bearish channel’s upper line, close to 0.7080 by the press time, will be important to watch. It’s worth mentioning that the pair’s run-up beyond 0.7080 could give control to bulls.
by MTradingGlobal
NZDUSD stays on the way to refreshing yearly lowNZDUSD picks up bids inside a weekly trading range that restricts the pair’s move after it dropped below a five-week-old ascending trend line and the 200-SMA. Given the quote’s sustained trading below the previous key supports, as well as the bearish MACD signals and downbeat RSI (14), the pair is likely to witness further downside. That said, the 78.6% Fibonacci retracement of July-August upside, near 0.6150, appears immediate rest of the sellers ahead of the yearly bottom marked in July around 0.6060. If the bears dominate past 0.6060, which is most likely, the south-run could well approach the 0.6000 psychological magnet. Meanwhile, the NZDUSD rebound remains tepid until the quote stays below the convergence of the 200-SMA and the support-turned-resistance line, close to 0.6250. Following that, the 38.2% Fibonacci retracement level near 0.6315 and the August 01 peak surrounding 0.6355 will be on the bull’s radar. It’s worth noting, however, that the quote’s run-up beyond 0.6355 won’t hesitate to challenge the monthly top close to 0.6470, with the 0.6400 round figure likely acting as an intermediate halt during the rise. Overall, NZDUSD is on the bear’s radar as RBNZ Governor Adrian Orr is bracing for a speech at the Jackson Hole symposium.
Short
by MTradingGlobal
EURUSD braces for 100-pip fall on breaking 1.0200 support EURUSD began the key week by breaking an important support confluence surrounding 1.0200, which includes 100-SMA, 200-SMA and a one-month-old ascending trend line. The bearish bias also takes clues from the downbeat MACD and RSI conditions, confirming further south-run of the major currency pair. That said, the 23.6% Fibonacci retracement of the late June to July downturn, around 1.0100, lures the pair sellers. However, the 1.0000 parity mark appears a tough nut to crack for the bears, which if conquered could make the prices vulnerable to refresh yearly low, currently around 0.9950. On the flip side, sustained trading beyond the 1.0200 support-turned-resistance needs validation from the 50% Fibonacci retracement level of 1.0285 to convince the EURUSD buyers. Even so, a two-month-old horizontal resistance area around 1.0360-65, also comprising the 61.8% Fibonacci retracement level, will be crucial for the bulls to watch. In a case where the stays beyond 1.0365, the odds of its run-up towards the late June swing high around 1.0490 can’t be ruled out. Overall, EURUSD is likely to decline further as traders await important fundamental catalysts from the US and Eurozone.
by MTradingGlobal
USDJPY rebound has limited upside roomUSDJPY bounced off 131.25-50 horizontal support area despite multiple failures to cross the 50-DMA, not to forget the monthly resistance line. The recovery moves, however, appear to lack support from the oscillators, which in turn suggests another play of inability to cross the aforementioned key hurdles. Even if the quote manages to cross the one-month-old resistance line and the 50-DMA, respectively near 134.60 and 135.30, the monthly high around 135.60 and June’s peak of 137.00 will be tough challenges for the pair buyers to keep the reins. Meanwhile, a four-month-old horizontal support area close to 131.25-50, comprising the 100-DMA and 61.8% Fibonacci retracement of May-July upside, becomes a tough nut to crack for the USDJPY bears. In a case where the pair drop below 131.25, the monthly bottom of 130.40 and the 130.00 psychological magnet will be important supports for the sellers to watch. Overall, USDJPY consolidates the previous monthly fall but the road to the total recovery is a bumpy one.
by MTradingGlobal
NZDUSD braces for fresh 2022 low with eyes on 0.6195 breakAlthough 20-DMA triggered the NZDUSD pair’s latest rebound, the first weekly loss in three joined RSI retreat to keep bears hopeful. The downside momentum, however, needs validation from the three-month-old horizontal support area around 0. 6210-0.6195, other than the 20-DMA level of 0.6225, to push back the buyers. Following that, the previous monthly low, also the yearly bottom surrounding 0.6060, will be in focus. Should the quote remains bearish past 0.6060, the 61.8% Fibonacci Expansion (FE) of late April to early August moves, close to 0.5990, may lure the sellers. Meanwhile, recovery moves remain unimpressive below a downward sloping resistance line from early June, around 0.6335 by the press time. Even so, the monthly peak surrounding 0.6355 and the mid-June swing high of 0.6395 could challenge the NZDUSD buyers. It’s worth noting, however, that the Kiwi pair’s run-up beyond 0.6395 may wait for a successful run-up above the 0.6400 round figure before giving the control to bulls targeting June’s high near 0.6575. Overall, NZDUSD is on the bear’s radar as traders await key inflation data from New Zealand and the US.
Short
by MTradingGlobal
200-SMA tests NZDUSD bears after New Zealand employment dataNZDUSD justifies downbeat Q2 New Zealand job numbers while refreshing weekly low, following downside break of a three-week-old bullish channel. However, the 200-SMA restricts further declines of the Kiwi pair, which in turn joins firmer China PMI to trigger the latest rebound. However, support line of the aforementioned channel, near 0.6255, guards immediate recovery moves ahead of directing buyers towards weekly peak of 0.6352. Following that, the Kiwi pair can aim for the mid-June high around 0.6395. However, the 0.6400 threshold and upper line of the stated channel, around 0.6410 by the press time, could challenge the pair’s further advances. Meanwhile, a downside move needs validation from the 38.2% Fibonacci retracement of June 16 to July 14 fall, around 0.6190. Following that, the NZDUSD bears can aim for the 23.6% Fibonacci retracement level surrounding 0.6140. In a case where the pair remains weak past 0.6140, it won’t hesitate to drag the quote towards the yearly low marked in July around 0.6060. Additionally, the south-run towards the 0.6000 psychological magnet becomes imminent in a case if the pair renews yearly low.
by MTradingGlobal
USDJPY bears battle with key supportsUSDJPY renews its six-week low while extending the downside break of a five-month-old ascending trend line, as well as the 50-DMA. However, the pair’s further declines appear less convincing as the nearly oversold RSI and proximity to the horizontal support zone from late April, around 131.50-25 challenge the bears. Even if the quote drops below 131.25, a convergence of the 38.2% Fibonacci retracement (Fibo.) of March-July upside and the 100-DMA, around 130.00, could act as an additional filter to the south. It’s worth noting that the pair’s sustained south-run below 130.00 could make it vulnerable to drop towards the 50% Fibo. level surrounding 127.00. Meanwhile, recovery moves might initially aim for the 50-DMA hurdle close to 134.35. Following that, the previous support line from March, around 135.80, could challenge the USDJPY buyers. In a case where the bulls keep reins past 135.80, the 137.00 mark appears the intermediate halt before challenging the recent multi-month high near 139.40 and the 140.00 psychological magnet. Overall, USDJPY bears seem to run out of steam as they’re close to important support levels.
by MTradingGlobal
EURUSD bears brace for 0.9870 with eyes on FedEURUSD remains pressured around a one-week low as traders prepared for the Fed’s verdict, likely a 0.75% rate hike and Powell’s aggression. That said, the pair’s clear downside break of the 50-SMA directs the quote toward the multi-year low marked earlier in the month around 0.9950. Given the RSI approaches the oversold territory, the pair’s declines past 0.9950 appears less expected. However, the bear’s rejection to step back from 0.9950 could open the doors for the further south-run towards the 61.8% Fibonacci Expansion (FE) of June 27 to July 21 moves, around 0.9870. Meanwhile, recovery remains elusive below the 50-SMA level surrounding 1.0165. Following that the previous weekly top around 1.0275 could gain the EURUSD buyers’ attention. However, a convergence of the 200-SMA and downward sloping resistance line from early June, close to 1.0340, should challenge the bulls. Also acting as the key upside hurdle is the six-week-old horizontal area near 1.0360-65. Overall, EURUSD is likely to decline further towards refreshing the yearly bottom. However, it all depends upon the Fed’s actions. Hence, the trader’s discretion is required.
by MTradingGlobal
Technical Analysis: GBPUSD bulls need validation from 1.2110GBPUSD refreshed a three-week high on Tuesday while extending the breakout of 100-SMA. However, a convergence of the 200-SMA and a downward sloping trend line from June 16, around 1.2110 appears a tough nut to crack for the Cable pair buyers. Given the RSI’s nearness to the overbought territory, the upside momentum is less likely to overcome the key hurdle. However, a successful break of the 1.2110 could quickly propel the quote towards the June 30 peak near 1.2190. It’s worth noting that multiple resistances around 1.2230 and 1.2325-30 could challenge the pair buyers beyond 1.2190, before directing them to the previous monthly peak of 1.2405. Meanwhile, pullback moves may dribble around 1.2050-45 and the 100-SMA level surrounding 1.1960. Following that, an ascending support line from mid-July, close to 1.1940, will be crucial to watch for further downside. In a case where the GBPUSD prices remain weak past 1.1940, the 1.1800 round figure may act as an intermediate halt before directing the bears toward the monthly low, also the yearly bottom, surrounding 1.1760. Overall, GBPUSD bulls approach the key resistance, a break of which can reverse the downtrend, at least for the short term.
by MTradingGlobal
USDCAD approaches key resistance inside 250-pip trading rangeUSDCAD bounced off its monthly low on Friday, approaching a convergence of the 100 and 50-SMA around 1.2960-65 at the latest. The recovery moves also gain support from the upbeat RSI, not oversold, as well as recently improving MACD signals. That said, the Loonie pair’s upside past 1.2965 needs validation from the 1.3000 psychological magnet before approaching the 1.3080-85 resistance area. In a case where the prices rally beyond 1.3085, the monthly top of 1.3223 will be in the spotlight. Meanwhile, pullback moves could aim for the 50% Fibonacci retracement of June-July upside, around 1.2870 before challenging the stated trading range’s lower end, around 1.2820. It’s worth noting that a clear downside below 1.2820 could become detrimental for the USDCAD bulls if backed by a clear break of the 1.2800 round figure. In that case, the bears could aim for June’s low near 1.2520. Overall, USDCAD pares recent losses inside a five-week-old trading range.
by MTradingGlobal
NZDUSD recovery hinges on 0.6200 breakoutNZDUSD ended the third loss-making week on a positive side, by marking the biggest daily gains in three weeks. The Kiwi pair, however, couldn’t cross a one-month-old resistance line, which in turn joins steady RSI to keep sellers hopeful. Even if the quote rises past 0.6170 hurdle, a horizontal area from mid-June around 0.6200, comprising the 100-SMA, appears a tough nut to crack for the pair buyers. Though, a successful break of 0.6200 could quickly propel the quote towards 0.6250 before teasing the bulls to aim for the 78.6% Fibonacci retracement of the June-July downside, near 0.6325. On the other hand, pullback moves may initially rest around the 0.6100 support before challenging the recently flashed two-year low around 0.6060. In a case where NZDUSD remains bearish past 0.6060, the 0.6000 psychological magnet will be important to watch as a clear break of the same could direct sellers toward May 2020 low near 0.5920. Fundamentally, the recent New Zealand inflation data came in firmer than expected and raised possibilities of aggressive rate hikes from the Reserve Bank of New Zealand (RBNZ), keeping NZDUSD bulls hopeful.
by MTradingGlobal
AUDUSD stays inside short-term bearish channel at yearly lowAUDUSD justifies its risk-barometer status aptly as it remains near the two-year bottom, inside a 12-day-long bearish channel. The quote’s further downside, however, appears limited in the short-term due to the nearness to the stated channel’s lower line, close to 0.6690 at the latest. That said, the 61.8% Fibonacci Expansion (FE) of June 16 to July 05 moves, near 0.6705, could offer immediate support to the Aussie pair. In a case where the bears refrain from stepping back from 0.6690, the 78.6% FE level near 0.6650 could gain major attention. Alternatively, the 50-SMA level surrounding 0.6800 guards the immediate recovery moves ahead of the immediate descending channel’s upper line, around 0.6840 by the press time. It’s worth noting that a clear upside break of the 0.6840 hurdle isn’t a call to the AUDUSD bulls as the 100-SMA level of 0.6855 could challenge the advances afterward. Should the quote rises past 0.6855, the odds of its run-up towards the late June swing high near 0.6965 and then to the 0.7000 psychological magnet can’t be ruled out. Overall AUDUSD remains in a bearish trajectory, despite the recently firmer Aussie jobs report and increasing calls about the RBA’s aggression. However, the downside room appears limited.
by MTradingGlobal
NZDUSD bears keep reins ahead of RBNZ again lift ratesHaving reversed from a two-month-old support-turned-resistance, NZDUSD stays inside a monthly falling wedge bullish chart pattern ahead of the Reserve Bank of New Zealand’s (RBNZ) third consecutive rate hike. RSI conditions and a falling wedge at multi-month low tease sellers ahead of the key event for the Kiwi pair. However, the 61.8% Fibonacci Expansion (FE) of April-June moves, near 0.6060, can test the sellers before directing them to the 0.6000 psychological magnet. That said, the support line of the stated wedge, close to 0.6100, could serve as immediate support to watch during the quote’s further weakness. On the contrary, the NZDUSD rebound needs to cross the wedge’s upper line, around 0.6170 by the press time, to confirm the bullish chart pattern. Even so, horizontal support from early May, close to 0.6210, may challenge the buyers. Also acting as a short-term upside hurdle is the 20-DMA level surrounding 0.6250. In a case where NZDUSD rises past 0.6250, the odds of its run-up to mid-June swing high near 0.6400 can’t be ruled out. NZDUSD is likely to rebound from the 26-month low but the recovery moves have multiple barriers to the north.
by MTradingGlobal
USDJPY refreshes 24-year high but bulls have a bumpy road aheadUSDJPY begins the week on a positive note by rising for six consecutive days to refresh the multi-year high. The yen pair, however, has limited upside room before hitting the key hurdles. The nearness to resistance joins almost oversold RSI to also challenge the buyers. That said, the upper line of the three-week-old bullish channel, near 137.35, appears the immediate hurdle to probing the upside moves. Following that, the 61.8% Fibonacci Expansion (FE) of June 6-23 moves, near 137.50, could also restrict the quote’s advances. At last, the September 1998 top around 138.30 could act as the last defense for the pair sellers before recalling the 140.00 threshold back to the chart. Meanwhile, the early July swing high near 136.35 and the 100-SMA level surrounding 135.50 might challenge the short-term sellers. In a case where the USDJPY prices drop below 135.50, the support line of the stated channel, close to 135.10, will be crucial to watch as a clear downside break of the same could direct the quote to direct bears towards the late June swing low near 134.25. It’s worth noting that a successful break of 134.25 won’t hesitate to recall the mid-June bottom surrounding 131.50. Overall, USDJPY bulls have a bumpy road ahead and hence a pullback can’t be ruled out.
by MTradingGlobal
EURUSD opened the door for sellers ahead of ECB ForumNot only a sustained trading below the 200-EMA but a clear downside break of the short-term ascending triangle also keeps EURUSD bears hopeful as traders await major central bankers’ debate at the ECB Forum. That said, 1.0460 appears the immediate support for the pair sellers to aim for ahead of looking at the yearly low surrounding 1.0350. During the fall, the 1.0400 round figure may offer an intermediate halt. Meanwhile, a fortnight-old triangle’s support line, now resistance around 1.0560, restricts the short-term rebound of the EURUSD pair. Following that, the 200-EMA surrounding 1.0600 and the triangle’s upper line near 1.0620 could challenge the buyers before giving them control. Should the quote manage to remain firm past 1.0620, the upside momentum could then target the 1.0700 psychological magnet before the monthly peak of 1.0773. Overall, EURUSD has already flashed bearish signals ahead of the week’s key event, which in turn makes it comfortable for sellers. However, the recession may probe policymakers from the ECB, BOE and the Fed, making it important to be cautious before taking big positions ahead of the event.
by MTradingGlobal
USDJPY is ready to refresh multi-year highUSDJPY sustains upside break of a weekly resistance line, now support around 134.85, as bulls brace for the fresh multi-year high, currently around 136.70. In doing so, the yen pair could aim for the 61.8% Fibonacci Expansion (FE) of May 24 to June 16 moves, near 137.20. However, a convergence of the 78.6% FE and the upper line of the monthly bullish channel, near 138.80 by the press time, appears a tough nut to crack for the buyers. In a case where the quote remains firmer past 138.80, the odds of witnessing the 140.00 threshold on the chart can’t be ruled out. Meanwhile, pullback moves may retest the resistance-turned-support near 134.90, a break of which could direct USDJPY prices towards the aforementioned channel’s lower line, close to 133.90. Should the pair drop below 133.90, the sellers could target the 133.00 round figure before challenging the broad support zone around 131.30-40 comprising 200-SMA and multiple levels marked since late April. It’s worth noting that the bear’s dominance past 131.30 won’t hesitate to conquer the 130.00 psychological magnet. Overall, USDJPY is likely to witness further upside and can renew the multi-year top marked during the last week. However, RSI conditions could join the 138.80 key hurdle to challenge the advances.
Long
by MTradingGlobal