Slobodan Drvenica
Windsor Brokers
USD/JPY
USDJPY remains firmly in red and cracked pivotal Fibo level at 140.48 (61.8% retracement of 127.22/161.95), the upper boundary of 140.48/00 key support zone, after renewed weakness in past two days fully offset positive signal from Wednesday’s long-tailed daily candlestick.
The pair is on track for another weekly loss, with long upper shadow on weekly candlestick, pointing to strong offers and adding to downside prospects.
Technical picture on daily chart is firmly bearish (strong negative momentum / price weighed by descending daily Ichimoku cloud / MA’s in bearish setup with formation of 55/200DMA death-cross, reinforcing negative outlook).
Firm break of 140.48/40 pivots will be increasingly bearish and risk extension towards 137.23 trough (July 2023 low).
Falling 10DMA (143.22) should cap extended upticks and keep larger bears intact.
Res: 141.68; 142.08; 143.04; 143.22.
Sup: 140.25; 140.00; 138.60; 137.23.
Interested in USD/JPY technicals? Check out the key levels
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
Recommended Content
Editors’ Picks
EUR/USD consolidates gains below 1.1100 ahead of US data
EUR/USD trades in a narrow channel slightly below 1.1100 in the second half of the day on Friday, following the sharp rebound seen on Thursday. The US economic docket will feature UoM Consumer Sentiment data for September.
GBP/USD holds pulls away from daily highs, holds above 1.3100
GBP/USD struggles to build on Thursday's gains but holds comfortably above 1.3100 in the early American session on Friday. Growing expectations for a large Fed rate cut at next week's meeting doesn't allow the USD to gather strength ahead of the weekend.
Gold climbs to new record-high above $2,570 as media revives debate over Fed rate cuts
Gold trades slightly below $2,570 after setting a new record-high of $2,573 earlier in the day. The benchmark 10-year US Treasury bond yield stays in negative territory below 3.7% as markets reassess the odds of a large Fed rate cut, helping XAU/USD hold its ground.
Bitcoin and Ethereum traders could watch this signal for the next bull run
Crypto mining is the process by which new Bitcoin and Ethereum enter circulation. Data from crypto intelligence tracker shows that wallets of Bitcoin and Ethereum miners noted a decline in their holdings of the assets in the first half of the year.
European Central Bank widely expected to cut interest rates in September
The European Central Bank is expected to cut key rates by 25 bps at the September policy meeting. ECB President Christine Lagarde’s presser and updated economic forecasts will be closely scrutinized for fresh policy cues.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.