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EURUSD 1 HOUR CHART
It took 17 1-hour candles to go from 1.0853 to 1.0873 and just 2 to break back below it. This tells you the current risk in a market that has had bouts of what we like to say “trading bid in an offered market” with buying driven more by its crosses (e.g. eurjpy) than outright vs the USD.
I don’t like to draw conclusions from a pair trading in a 43 pip range (1.0834-77) other than to say 1.0887 and 1.0906 would need to be broken to change the picture.
4 hour chart to follow .
USDJPY Analysis: Breakout and Potential for Further Upside Movement
USDJPY has successfully surpassed the 150.88 resistance level, with the upward movement from 146.47 extending to a peak of 151.33.
As long as the price remains above the ascending trend line on the 4-hour chart, there is still potential for additional upward movement in the upcoming days, with the next target estimated around 160.00.
The initial support level to monitor is at 150.35. If the price breaks below this level, it could suggest a period of consolidation for the uptrend starting from 146.47, with the pair likely finding support at the rising trend line.
A decisive break below the support provided by the trend line could indicate the potential completion of the current uptrend.
GBPJPY DAILY CHART
I had to go to the daily chart looking for a chart level.
All that is left is a breakout above 191.191.32 as support and a monthly resistance above 185.
The key support area is distance at 187.94 as seen on this chart.
In a market like this look for the new high to act as a key resistance.
Be o alert in GBP as CPI, expected to dip, will be released overnight.
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Gold is in a buy mood to reach 2161.70, as confirmed.
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