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Weekly Price & Time:  USD/JPY Stalls at Important Long-Term Resistance

Weekly Price & Time: USD/JPY Stalls at Important Long-Term Resistance

2014-01-10 18:30:00
Kristian Kerr, Sr. Currency Strategist
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Talking Points

  • EUR/USD halts decline ahead of important Gann level
  • USD/JPY reverses from just below a long-term retracement
  • Gold threatening to breach key Gann resistance

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Weekly Foreign Exchange Price & Time at a Glance:

Weekly Price & Time Analysis: EUR/USD

WPT_JAN_10_body_Picture_3.png, Weekly Price & Time:  USD/JPY Stalls at Important Long-Term Resistance

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD stalled its decline after finding support just ahead of the 1.3540 3rd square root relationship of the 2013 high
  • Last week’s close below 1.3655 shifted our trend bias to negative in the rate
  • The1.3540 area is key support, with weakness below needed to signal a broader downside resumption
  • The latter half of the month is the next medium-term cycle turn window
  • Only a daily close back over 1.3800 would turn us positive on the Euro again

Weekly EUR/USD Strategy: Like the short side under 1.3800.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

EUR/USD

*1.3540

1.3655

1.3665

*1.3800

1.3895

Weekly Price & Time Analysis: USD/JPY

WPT_JAN_10_body_Picture_2.png, Weekly Price & Time:  USD/JPY Stalls at Important Long-Term Resistance

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY reversed course sharply on Friday and traded to its lowest level in almost three weeks
  • Our broader trend bias is positive in the exchange rate while above 103.35
  • The 105.55 level remains critical resistance that must be overcome soon if another important leg higher is to unfold
  • The first half of next month is the next important cycle turn window
  • A weekly close below the 2nd square root relationship of the year’s high at 103.35 will turn us negative on the exchange rate

Weekly USD/JPY Strategy: Like being long against 103.35

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

USD/JPY

*103.35

103.90

104.00

104.80

*105.55

Weekly Price & Time Analysis: GOLD

WPT_JAN_10_body_Picture_1.png, Weekly Price & Time:  USD/JPY Stalls at Important Long-Term Resistance

Charts Created using Marketscope – Prepared by Kristian Kerr

  • XAU/USD reversed from the 1184 161.8% extension of the October advance last week
  • However, our broader trend bias is negative in the metal while below the 2nd square root relationship of the 2012 low near 1250
  • Gann support at 1206 is important, but only weakness below 1184 will confirm that the downtrend is resuming
  • A medium-term cycle turn window is seen around the end of the month
  • A daily close over 1250 will turn us positive on the metal

Weekly XAU/USD Strategy: Like being square here, but will look to go long if 1250 is overcome.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

XAU/USD

*1184

1206

1247

*1250

1263

--- 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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