News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bullish
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Bullish
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZFxlk https://t.co/WQLZ1X7gIY
  • but the next major point in my view to monitor will be 52.76 - at least in the short term.
  • #Brent having broken above the pre-OPEC drop off at 45.51 is a huge deal considering it failed to crack resistance there in August (leading to the invalidation of "uptrend 2") and the psychological significance of that level https://t.co/LkEyRxFhnq
  • The New Zealand Dollar looks poised to extend its push higher against its haven-associated counterparts on robust economic data and a less dovish stance from the RBNZ. Get your $NZD market update from @DanielGMoss here:https://t.co/vytr4OR1Jy https://t.co/ZcxEUWIm8O
  • It seems the markets are riding high, but risk is always lurking around the corner. Consider your escape plan before you find yourself in collapsing market. What are the top havens for different conditions in 2020? Find out from @JohnKicklighter here: https://t.co/1oeXWEsJkb https://t.co/x8uyOHLtgE
  • The Swiss Franc may continue higher against the US Dollar as technical pressure favors USD/CHF bears..Get your $USDCHF market update from @FxWestwater here:https://t.co/yqJbbhAWiu https://t.co/CaMR0Vqd1m
  • The US Dollar lost ground to most ASEAN currencies as Emerging Market assets climbed despite US economic woes. USD/INR is eyeing third-quarter Indian GDP at the end of the week. Get your market update from @ddubrovskyFX here:https://t.co/urDN2b5Nwd https://t.co/toSDbVZCSi
  • The global stock market can be categorized into specific groups or ‘stock market sectors’. Organizing the vast number of stocks in this way helps traders to view assets in a more manageable way. Get your stock market sectors basics here: https://t.co/5gbiHmY8yl https://t.co/mQ6ty8Yalv
  • The Euro looks poised to continue gaining ground against haven-associated currencies and may reverse higher against the British Pound in the near term. Get your #Euro market update from @DanielGMoss here:https://t.co/oRIHju7ZzK https://t.co/dIEErVzWEY
  • Gold and silver prices have come under significant pressure recently. However, this correction lower could prove short-lived as price analysis hints at a reversal higher. Get your $XAUUSD market update from @DanielGMoss here:https://t.co/K1qL0fsGwy https://t.co/tRfjlN6X22
Near-term Setups in GBP/USD, USD/JPY, AUD/JPY

Near-term Setups in GBP/USD, USD/JPY, AUD/JPY

2018-01-25 18:46:00
Michael Boutros, Strategist
Share:

Here's an update on a few of 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.

GBP/USD Weekly Chart

GBP/USD Price Chart - Weekly Timeframe

Earlier this week I highlighted a definitive break-out in the British Pound with the pair surging through slope resistance as the advance extends to fresh 19-month highs. The rally is now eyeing resistance targets at 1.4356 backed closely by the upper median-line parallel which converges on the 200-week moving average just below the 1.44-handle. Both these targets represent areas of interest for near-term exhaustion. Bottom line: the focus remains higher while above 1.3952 with a breach targeting the 50% retracement of the Brexit decline at 1.4571.

New to Forex? Get started with our Free Trading Guide!

USD/JPY Weekly Chart

USD/JPY Price Chart - Weekly Timeframe

Price slipped below confluence down-trend support this week and a clear break of the monthly opening range keeps the focus lower heading into the close of the month. That said, price seems a bit stretched here and we’re on the lookout for a rally to fade while below 109.55 targeting 107.84 & 107.50. I highlighted this setup in today’s Scalp Report.

Learn the traits of a successful trader in our Free eBook!

AUD/JPY Daily Chart

AUD/JPY Price Chart - Daily Timeframe

AUD/JPY is has set a well-defined monthly opening range and we’ve been trading the short-side since the 1/23 outside-day reversal off the 89.03/16 resistance range. Price is attempting to break below monthly / yearly open support today with our focus on a reaction down at 87.28- a break below this threshold would suggest a larger correction is underway with such a scenario targeting subsequent support objectives into the 86-handle. Levels / outlook remain unchanged from this week’s AUD/JPY Scalp Report.

Join Michael on Fridays for his bi-weekly Webinar on the Foundations of Technical Analysis- Register for Free Here!

---Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michaelon Twitter @MBForex or contact him at mboutros@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES