Slobodan Drvenica
Windsor Brokers
USD/JPY
USDJPY remains constructive and pressuring the top of recent consolidation range in early Monday trading.
The second weekly bullish close, with long tailed last week’s candle, suggests that bulls hold grip for attack at psychological 150 barrier after recent consolidation stayed above broken Fibo pivot at 148.12 (38.2% of 161.95/139.57 descend).
Firm break of 150 to open way for test of 150.74 (50% retracement) and expose key barrier at 151.81 (top of thick daily cloud).
However, bulls may show further indecision and possibly hold in extended consolidation, as technical signals on daily chart are mixed.
Strong bullish momentum, 10/55 and 20/55 bull-crosses underpin the action, while overbought stochastic and formation of 100/200 death cross may produce more headwinds.
Near-term bias is expected to remain with bulls while the price action stays above broken Fibo level at 148.12, reverted to solid support and reinforced by rising 10DMA (147.84).
Break here, on the other hand, to generate initial that recovery leg from 139.57 (2024 low, posted on Sep 16) may be losing traction.
Res: 149.56; 150.00; 150.76; 151.81.
Sup: 148.91; 148.12; 147.84; 145.91.
-638644917244038928.png)
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 stays weak below 1.0950 ahead of Fedspeak
EUR/USD stays defensive and edges lower toward 1.0900 on Monday. Broad risk aversion, amid the escalating geopolitical tensions in the Middle East and conflicts between China and Taiwan, underpin the safe-haven US Dollar as markets await Fedspeak.
GBP/USD steadies above 1.3050 amid cautious markets
GBP/USD trades modestly flat above 1.3050, struggling to capitalize on Friday's modest gains in the European session on Monday. Sustained US Dollar strength, due to looming geopolitical risks worldwide and China's economic concerns, keeps the pair in a familiar range.
Gold price draws support from hopes for additional Fed rate cuts, stronger USD caps gains
Gold price attracts some dip-buying on the first day of a new week and trades near a one-week top, around the $2,660 region heading into the European session. The US PPI pointed to a favorable inflation outlook and suggested that the Fed will cut interest rates further.
Five Fundamentals for the week: Explosive Middle East, ECB decision and US Retail Sales stand out Premium
Even on a bank holiday, markets are on the move. Concerns about Chinese stimulus and the Middle East stir markets, but the calendar offers several important events with the potential to shake things up. Here are five fundamentals for the week starting on October 14.
RBA widely expected to keep key interest rate unchanged amid persisting price pressures
The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.