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Here's an update on the setups we’ve been tracking this week. Find a detailed, in-depth review of these setups and more in this week’s Strategy Webinar.
BTC/USD Daily Chart
Bitcoin ripped through resistance today with the advance taking out, “subsequent resistance targets at 5200 & 5375.” The rally marks the largest single-day advance since in nearly a month with prices registered a high at 5388 today before turning lower. Likely to see some pullback here but the focus remains higher while above 4979 with bullish invalidation now raised to 4600. A breach higher targets the upper median-line parallel, currently just above ~5500.
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ETHUSD: Ethereum prices have continued to hold within the initial monthly opening-range which has taken shape just below a key resistance range at 312/20. The broader focus remains weighted to the topside, but we’ll have to respect the possibility of a near-term correction if the range breaks. I highlighted this setup in today’s scalp report.
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USD/JPY 240min Chart
I’m looking for a reaction in USD/JPY on a move into the 112-handle with the near-term risk still weighted to the downside while below the weekly open at 112.56. Note that the 50-line converges on the 23.6% retracement / weekly low heading into the close of the week. A break below this region targets 111.10 & 110.67/82 – both levels of interest for possible exhaustion / long-entries. Click here to review this week’s USD/JPY scalp report.
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---Written by Michael Boutros, Currency Strategist with DailyFX
Follow Michaelon Twitter @MBForex or contact him at email@example.com