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USD/JPY Collapses; Euro Inclines

USD/JPY Collapses; Euro Inclines


USD/JPY collapsed ahead of the weekly closing of the previous week and started this week bearishly, taking all momentum indicators to approach the overbought values.

USD/JPY Daily Chart

We also see how it found support above 105.50 regions and that offers a good risk versus reward ratio for buyers.

We will use the solidity of 105.50 to suggest potential corrective wave and a break above 106.80 will affirm it despite the negativity on ADX.

Support: 105.80-105.50-105.30

Resistance: 106.60-106.80-107.30

Direction: Potential correction.


USD/CHF has retracted from areas above 0.9580 as explained on Friday ahead of the previous week’s closing.

USD/CHF Daily Chart

Since the pair is still trading below 0.9680 with a hard ceiling in the 0.9720 zones, we prefer to be patient and see how it will behave around those levels.

On the downside, coming below 0.9620 again over intraday will weaken 0.9575 regions.

Support: 0.9600-0.9585–0.9545

Resistance: 0.9685-0.9725-0.9750

Direction: Neutral


Euro inclined influenced by touching SMA20 despite the general negativity, but moving between SMA20 and SMA50 prevents us from being bearish.

EUR/USD Daily Chart

Trading between 1.1215 and 1.1295 in addition to the hesitation on ADX should be cleared by a break below 1.1215.

We will be neutral now despite the negativity on charts.

Support: : 1.1215–1.1160–1.1125

Resistance: 1.1295–1.1360- 1.1385

Direction: Bearish


GBP/USD moved bearishly below 1.4220 –Fib. of 127.2%- and that would extend the bearishness.

GBP/USD Daily Chart

We believe that 161.8% Fibonacci at 1.4080 could be re-tested followed by 1.40.

On the upside, a break above 1.4220 will be sin for bulls, while 1.4380 should hold to keep the general bearishness valid.

We will stand aside although we are bullish.

Support: 1.4415 – 1.4375 – 1.4330

Resistance: 1.4490 – 1.4535 – 1.4585

Direction: Bearish

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