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Weekly Price & Time: USD/JPY Nears Key Upside Pivot

Weekly Price & Time: USD/JPY Nears Key Upside Pivot

2014-08-15 14:45:00
Kristian Kerr, Sr. Currency Strategist
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Talking Points

  • EUR/USD consolidating above key Fib level
  • USD/JPY closing in on key resistance zone
  • Gold holding above key Gann level

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Weekly Foreign Exchange Price & Time at a Glance:

Weekly Price & Time Analysis: EUR/USD

Weekly Price & Time: USD/JPY Nears Key Upside Pivot

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD is in consolidation mode above the 200% extension of the June/July advance near 1.3325
  • Our broader bias is negative in the euro while under 1.3560
  • A close under 1.3300 is needed to confirm that a new leg lower is underway
  • A turn window is eyed early next week
  • A weekly close back over 1.3560 would turn us positive on the exchange rate

Weekly EUR/USD Strategy: We like selling on strength.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

EUR/USD

*1.3300

1.3325

1.3390

1.3430

*1.3560

Weekly Price & Time Analysis: USD/JPY

Weekly Price & Time: USD/JPY Nears Key Upside Pivot

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY is trading near the top end of its multi-month consolidation
  • Our broader bias is positive on the exchange rate
  • A close over the 61.8% retracement of the April/May decline near 102.85 is needed as further confirmation that a more serious move higher is underway
  • A minor cycle turn window is eyed next week
  • Only weakness below 101.50 will turn us negative again on the exchange rate

Weekly USD/JPY Strategy: Like the long side while over 101.50.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

USD/JPY

*101.50

102.35

102.60

*102.85

103.35

Weekly Price & Time Analysis: GOLD

Weekly Price & Time: USD/JPY Nears Key Upside Pivot

Charts Created using Marketscope – Prepared by Kristian Kerr

  • XAU/USD remains in a choppy range above key a key Gann confluence near 1280
  • Our broader bias is positive on the metal while over 1280
  • The 1320 area need to be overc oem on a closing basis to signal that a more important advance is unfolding
  • An importan turn window is eyed next month
  • A move under 1280 will turn us negative on Gold

Weekly XAU/USD Strategy: Like the long side awhile ab1280.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

XAU/USD

1262

*1280

1294

*1305

1321

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--- 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 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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