Resistance: 98.36 moderate / 98.60 minor / 98.90 minor
Support: 97.76 moderate / 97.32 moderate / 96.85 moderate
Wednesday saw a tight range for USDJPY with little catalyst to speak of for a minimal rejection from the 61.8 Fib retracement level for the August sell-off. From indicators we have daily stochastic pushing overbought and macd’s with a new bullish crossover. We appear to be in the process of taking out the 34D EMA with 55D EMA close by at 98.47. In the lower time frames we are seeing bullish confluence in the making with stochastic crossing up in 4h charts and macd’s bouncing off their signal line. Hourly stochastic has come-off oversold levels while macd is also looking to cross up. Note the resistance line for our lower highs from July is at the 99.00 area. For now we are looking for a close above 98.36, the 61.8 fib retracement, to signal further gains to the said resistance line.
Resistance: 130.00 moderate / 130.34 moderate / 130.65 minor
Support: 129.49 moderate / 129.21 minor / 128.90 moderate
EURJPY almost gave us a ‘dark cloud cover’ in the daily charts missing the mid point of our spike up from Tuesday. We have a pattern of lower highs and lower lows, yesterday’s 130.65 potentially the former. Among indicators we have daily macd’s poised to cross up while stochastic is flattening out at risk of crossing lower, these as EMA lines continue to flatten out after recent dead crosses. In the lower time-frames we are seeing a confluence of bears in 4H charts as stochastic push oversold and macd’s see a new bear cross. Hourly charts has stochastic pushing under the zero line while macd comes off oversold levels. Given the big picture we would like to focus on a sell on rallies with yesterdays highs the latest of the lower highs. consider a scaled entry shorts from 130.00, today’s pivot and R1 at 130.35.
Resistance: 0.9159 minor / 0.9176 moderate / 0.9220 moderate
Support: 0.9119 moderate / 0.9078 moderate / 0.9044 moderate
Wednesday saw Aussy staying within the daily EMA lines bouncing off the 21DEMA to close just above 34D EMA. Among indicators we have a mixed set of signals with daily stochastic heading lower and macd’s heading up. Note we have daily EMA’s going flat though bearish overall. In intraday charts we have a confluence of buys from the 4H picture as stochastic pushes overbought and macd’s see anew bullish crossover. Hourly charts for their part also has a confluence of buys with stochastic overbought and macd’s with anew bullish cross. With metal prices on the rise we are seeing intermarket support for the bullish technical picture in Aussy. For now look for a follow through with the previous swing highs at 0.9220 as our main object.
Resistance: 1.5547 minor / 1.5567 moderate / 1.5600 moderate
Support: 1.5495 moderate / 1.5465 minor / 1.5428 moderate
After drifting lower for the first half of the week we have Cable bouncing off the breakout point from last week, previous highs at 1.5428 to close backup above the 1.5500 level. Daily indicators however remain mixed with stochastic still heading lower and macd’s flat above the signal line. From the lower time frames we have 4H stochastic just under overbought areas easing off aftera brief peak in New York trade while macd has a new bullish crossover. Hourly charts for their part has an overbought stochastic while macd is looking for a bullish crossover. Note we have started the trading day just above the daily pivots suggesting a focus for the buy side. We also will be seeing retail Sales figures the month-on-month consensus a strong jump of 0.7%, enough catalyst for pushing through the previous swing highs.
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