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Weekly Price & Time: USD/JPY Overcomes Key Resistance Zone

Weekly Price & Time: USD/JPY Overcomes Key Resistance Zone

Kristian Kerr, Sr. Currency Strategist

Talking Points

  • EUR/USD remains in recovery mode
  • USD/JPY trades to highest level since early July
  • Gold on key support level

Looking for real time Forex analysis throughout the day? Try DailyFX on Demand.

Weekly Foreign Exchange Price & Time at a Glance:

Weekly Price & Time Analysis: EUR/USD

WPT_nov_22_body_Picture_3.png, Weekly Price & Time: USD/JPY Overcomes Key Resistance Zone

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD has traded fairly steadily higher since finding support a couple of weeks ago at the 50% retracement of the July to October advance near 1.3290
  • However, our broader bias remains negative on the Euro while below 1.3595
  • The 1.3290 level remains a key downside pivot with weakness below needed to trigger a more material decline
  • The 2nd week of December is the next material cycle turn window
  • A move back through the 2nd square root relationship of the year’s high at 1.3595 would shift our broader trend bias to positive

Weekly EUR/USD Strategy: Like holding a tactical short position while below 1.3595.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

EUR/USD

*1.3290

1.3360

1.3545

1.3500

*1.3595

Weekly Price & Time Analysis: USD/JPY

WPT_nov_22_body_Picture_2.png, Weekly Price & Time: USD/JPY Overcomes Key Resistance Zone

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY overcame the critical resistance at 100.65 to touch its highest level since early July this week
  • Our broader trend bias is positive in the exchange rate while above the 4th square root relationship of the years’ high at 99.65
  • A convergence of several Gann and Fibonacci levels between 101.60 and 101.70 is the next big resistance zone of note
  • A Gann cycle turn window is in effect over the next couple of days
  • Only a move under 99.65 would shift the trend bias to negative in the exchange rate

Weekly USD/JPY Strategy: Like being long against 99.65.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

USD/JPY

*99.65

100.65

101.25

*100.70

102.55

Weekly Price & Time Analysis: GOLD

WPT_nov_22_body_Picture_1.png, Weekly Price & Time: USD/JPY Overcomes Key Resistance Zone

Charts Created using Marketscope – Prepared by Kristian Kerr

  • XAU/USD traded this week to its lowest level since early July
  • Our broader trend bias is negative on the metal and will remain so while below 1322
  • The 5th square root relationship of the August high at 1243 is an important downside pivot with a close below needed to signal a downside continuation
  • The first half of next month is the next important cycle turn window
  • A daily close back over a confluence of Gann and Fibonacci levels in the 1322 area will turn us positive on the metal

Weekly XAU/USD Strategy: Like being square here.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

XAU/USD

1215

*1243

1243

1286

*1322

--- Written by Kristian Kerr, Senior Currency Strategist for DailyFX.com

This publication attempts to further explore the concept that mass movements of human psychology, as represented by the financial markets, are subject to the mathematical laws of nature and through the use of various geometric, arithmetic, statistical and cyclical techniques a better understanding of markets and their corresponding movements can be achieved

To receive other reports from this author via e-mail, sign up to Kristian’s e-mail distribution list via this link.

To contact Kristian, e-mail instructor@dailyfx.com. Follow me on Twitter @KKerrFX

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

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