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  • there's that 1.4000 level again $GBPUSD multiple resistance inflections on the way up. first support test at this spot since the breakout https://t.co/qpsq0NqMvN https://t.co/snZCBwNrby
  • $USD made it a quick trip up to fibo resistance looked at in yday's webinar ~90.82 https://t.co/gedHWHfyKN https://t.co/ICAUcMaHYT
  • This is a pair flying under the radar but registering an extreme. $CADJPY weekly has difference between spot and 50-week moving average at +9.5%. Momentum past three weeks not only aggressive, the move has pushed it to 50% of 2014-2020 and 38.2% Fib of historical range https://t.co/yQJ15UpOTG
  • 🇺🇸 Initial Jobless Claims (08/MAY) Actual: 473K Expected: 490K Previous: 566K https://www.dailyfx.com/economic-calendar#2021-05-13
  • 🇺🇸 Jobless Claims 4-week Average (MAY/08) Actual: 534K Previous: 655.75K https://www.dailyfx.com/economic-calendar#2021-05-13
  • 🇺🇸 Continuing Jobless Claims (01/MAY) Actual: 3655K Expected: 3655K Previous: 3651K https://www.dailyfx.com/economic-calendar#2021-05-13
  • 🇺🇸 PPI MoM (APR) Actual: 0.6% Expected: 0.3% Previous: 1% https://www.dailyfx.com/economic-calendar#2021-05-13
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 90.48%, while traders in GBP/JPY are at opposite extremes with 68.51%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/ebZHqitIAd
  • Forex Update: As of 12:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.20% 🇯🇵JPY: 0.12% 🇪🇺EUR: 0.08% 🇳🇿NZD: -0.06% 🇬🇧GBP: -0.12% 🇦🇺AUD: -0.22% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/i6Lngot973
  • Heads Up:🇺🇸 Initial Jobless Claims (08/MAY) due at 12:30 GMT (15min) Expected: 490K Previous: 498K https://www.dailyfx.com/economic-calendar#2021-05-13
EURUSD, GBPUSD, USDJPY Technical Analysis & More

EURUSD, GBPUSD, USDJPY Technical Analysis & More

Paul Robinson, Strategist

The Euro is working on trying to gather pace to the downside here, but we need to be on reversal watch as “strong” moves have been faded in recent months. GBPUSD is trading again at a critical area of long-term support and could again bounce. USDJPY has been a bit of a range-bound mystery, but with resistance ahead and the trend lower, it could offer up a look for shorts.

Technical Highlights:

  • EURUSD could be on the verge of a momentum move
  • GBPUSD is trading at long-term support, at risk of a bounce
  • USDJPY trading near resistance, trend favors lower prices

For forecasts and educational guides, check them out on the DailyFX Trading Guides page.

EURUSD could be on the verge of a momentum move

The Euro is trading a point in both price and time where it could begin to pick up momentum, or do as it has so many times since last year, stop and reverse. The underside trend-line from November 2017 is in play as support and could put in a floor here, but if it doesn’t then look for the French election gap in April 2017 at 10724 to get filled.

Tactically, taking a near-term wait-and-see approach to see if price behavior changes. Other attempts to build on weakness have been quickly reversed. If this time we see a weak bounce of sideways move, it could mean a change in character and vol breakout is underway.

EURUSD Daily Chart (break or reverse?)

EURUSD, GBPUSD, USDJPY Technical Analysis & More

EURUSD Chart by Tradingview

GBPUSD is trading at long-term support, at risk of a bounce

GBPUSD is trading a long-term price zone created during the bottoming process in 2016/17. The zone extends down to 11904, the October 2016 flash-crash low. Currently, Cable is trying to bounce off support and could very well get a lift from here. But overall it doesn’t look promising for longs. Shorts, though, may want to be patient as well to see how a bounce from support can play out.

GBPUSD Daily Chart (at long-term support)

EURUSD, GBPUSD, USDJPY Technical Analysis & More

GBPUSD Chart by Tradingview

USDJPY trading near resistance, trend favors lower prices

Last Monday, USDJPY found support around the 2018 low and January flash-crash low. The bounce brought into play resistance near 10700. Between resistance and downtrend, USDJPY is at risk of selling off further soon. If stocks turn down too, which it appears they could, then look for this to help further along a bearish bias.

USDJPY Daily Chart (resistance ahead, trend lower)

EURUSD, GBPUSD, USDJPY Technical Analysis & More

USDJPY Chart by Tradingview

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---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

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

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