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Price & Time: USD/JPY still bullish?

Price & Time: USD/JPY still bullish?

2015-06-18 12:15:00
Kristian Kerr, Sr. Currency Strategist
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Talking Points

  • EUR/USD trades at highest level in a month
  • GBP/USD punches through to 7-month high
  • USD/JPY threatening deeper retracement

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Foreign Exchange Price & Time at a Glance:

Price & Time Analysis: EUR/USD

Price & Time: USD/JPY still bullish?

ChartPrepared by Kristian Kerr

  • EUR/USD probed above Gann resistance at 1.1390 this morning to trade at its highest level in a month
  • Our near-term trend bias is higher in the exchange rate while above 1.1180
  • Attention is now on the mid-May high at 1.1465 with a move above needed to confirm that a new leg higher is indeed underway
  • A turn window of some importance is seen today/Friday
  • A close below 1.1180 would turn us negative again on the euro

EUR/USD Strategy: Like reducing long positions here.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

EUR/USD

*1.1180

1.1270

1.1390

1.1390

*1.1465

Price & Time Analysis: GBP/USD

Price & Time: USD/JPY still bullish?

ChartPrepared by Kristian Kerr

  • GBP/USD traded at a new 7-month high this morning
  • Our near-term trend bias is higher in Cable while above 1.5630
  • A minor Fibonacci/Gann cluster between 1.5990 and 1.6020 is the next attraction of note
  • A very minor turn window is seen today
  • A daily close below 1.5630 would turn us negative on the pound

GBP/USD Strategy: Like the long side while over 1.5630

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

GBP/USD

*1.5630

1.5820

1.5910

1.5985

*1.6020

Focus Chart of the Day: USD/JPY

Price & Time: USD/JPY still bullish?

A failed rally attempt yesterday in USD/JPY keeps the exchange rate in a near-term negative position and threatening a deeper retracement. Last week’s low is a key pivot in this regard as a move under 122.45 would likely set off another meaningful bout of position squaring. Should 122.45 give way the key levels to watch will be the December/March closing highs around 121.40 and then the measured move of last week’s decline near 121.00. As long as the latter holds the broader structure has to considered bullish in a broader context. Below it and it is anybody’s guess, but a deeper liquidation becomes more of a possibility especially with the approach of quarter/half-year end. A move back over yesterday’s 124.40 high is needed to alleviate the immediate downside pressure and re-focus higher.

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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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