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EURUSD Intraday
1.08600 – 1.08800 Resistance zone
Supports are at 1.08400 and 1.08350
We have two highs up there, with the later one a bit lower….does it mean something ?? Not necessarily – it all depends on next few hours – if we start a correction from here, it might be able to surmount the highs and continue it’s Up move. Otherwise it might just run out of steam .
One idea can be Buying it in 1.08350/400 area with the Stop just below 300 , for the test of previous highs…so risking 5 pips for possible 30-40. Problem is the time and lack of any serious data today…nothing to move it sharply…
USDJPY: Stuck in Limbo – Uptrend Consolidation or Downturn Signal?
USDJPY has been stuck in neutral territory, oscillating within a trading range between 149.52 and 150.88. This sideways movement leaves the near-term direction unclear, prompting questions about whether it’s a pause within the uptrend or a sign of a potential reversal. Let’s delve into the key support and resistance levels to understand the possible scenarios.
Uptrend on Hold? Sideways Consolidation as a Signal
149.52 Support: The Bullish Anchor: As long as the price remains above this crucial support level, the uptrend initiated at 145.89 remains valid. This suggests the current sideways movement could be a healthy consolidation phase within the ongoing uptrend.
Breakout Potential: If the bulls manage to accumulate enough strength and push the price above the 150.88 resistance level, it could signal a breakout from the range and trigger a further rise towards the 151.90 resistance, potentially solidifying the uptrend.Downturn Signals: Watching the Support Crack
149.52 Breach: A Reversal Indicator: A breakdown below the 149.52 support level would be a significant development, potentially indicating a completion of the uptrend from 145.89. This could lead to a decline towards the next support zone around 148.80, marking a potential trend reversal.
Overall Sentiment:
The current technical picture for USDJPY presents conflicting signals. The sideways movement creates uncertainty, leaving the near-term direction unclear. While holding above 149.52 and breaking above 150.88 suggest potential bullish continuation, a breakdown below support could signal a trend reversal and further decline. Monitoring the price action around the mentioned support and resistance levels will be crucial in determining the pair’s next move.
Disclaimer: This analysis is for informational purposes only and should not be considered as investment advice. Please conduct your own research before making any trading decisions.
EURUSD – Outlook for tomorrow
Support at 1.08050 and 1.07800 – bellow would open a way for test of 1.07450
Resistance in 1.08800 / 1.09000 area
As much as a correction to down is needed, it still can first try Up tomorrow morning.
This is not a good place for Buying, and still no reason to Sell it.
We’ll go with smaller time frames , and follow as it develops.
Week Ahead: EURGBP
EURGBP Daily Chart
The consolidation range is clear at .8498-.8578
This suggests .8500 will remain pivotal as only a firm break would open the door to another leg down.
On the other hand, only a firm break of .8578 would suggest the low is in for now/
Why am I highlighting EURGBP?
1) If you trade EURUSD and/or GBPUSD, you need to keep an eye on EURGBP as flows involving this cross often have an impact on price moves in EURUSD and GBPUSD
2) Month end (Feb 29): I have observed increased activity in EURGBP at month end, which in turn often sees erratic flows not only in the cross but in EURUSD and GBPUSD. So keep a close eye at month end as it can offer trading opportunities in respective pairs as well as in EURGBP. In this regard, watch price action throughout the day but especially leading up to and around the 4 PM London fixing.
USDJPY Weekly Outlook
Supports at 149.800 and 148.650
Resistance 152.000
There is not much to say about this pair, except that Pattern wise it is destined to try 152.000 area.
Problem comes from the fact that we have already double top in place, and if rejected for the third time, it will be not only technically visible, but would mean that BOJ decided to put Money where their Mouth is.
We can always see sharp drops in JPY , followed by even sharper ascent . But any possible drop below 145.000 and consequently 143.300 would put the whole Up trend in question.
USDJPY 15 minute chart
Similar to others, USDJOY is ending the week with a whimper but getting a reprieve from the dip in US bond yields
Wise rRngw `149.53-150.89
I wouldn’t be surprised to learn the BoJ has been covertly intervening as it has been rumored for years to do so via surrogates.
Whatever the case, 150 remains the ultimate bias-setting level
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