USD/JPY: Latest trend reversal looks steady as a smooth downtrend is taking place with the dollar trading at 112.04
DESCRIPTION
A continuous downtrend could lead the price towards the 1st Ichimoku baseline support level at 111.66. In sequence the 2nd support awaits at 111.46 followed by the 3rd one at 111.25. At 112.27-33 the 1st resistance can be retested yet a breakthrough occurrence could lead the chart towards the 2nd and 3rd resistances at 112.69 and 112.86-90 levels respectively.
EUR/JPY: Euro hast turned into a week-long consolidation against the yen at the price of 129.21 at the moment
DESCRIPTION
Both directions are open right now hence, the bullish strength would result in hitting the 1st resistance at 129.89 followed by a strong 200-day MA 2nd resistance level at 130.58.77 and finally the 3rd one at 130.91. Alternatively, the bearish side offers the 1st support at 128.74. A breakthrough of the 2nd support slightly lower at 128.50 could result in an approach of the 3rd support at the round 128.00 level.
Bullish on the GBP/USD despite intraday retracement on Tuesday
DESCRIPTION
The outlook for the GBP/USD remains bullish despite a short term retracement yesterday. We expect the price to challenge the first resistance soon at 1.3057, the daily pivot level. If the price pushes through the initial resistance, the second resistance is on 1.3126, the July 18 high and the September 14 low. The last resistance is on 1.3180, the September 15 low. If the price reverts, the first support is on 1.3049, the daily pivot level, and the second support is expected to be at 1.3030, the June 30 high and the July 14 mid-price. The last support lies on 1.2984, the July high, also at the confluence of the 50 and 100 day moving averages.
The EUR/USD is teetering within its consolidation zone
DESCRIPTION
The EUR/USD is trading within Tuesday’s range, the nearest support and resistance are 1.1489, the July 12 high and 1.1583, the July 18 high respectively. Any breakouts or breakdowns will provide a clearer direction of the pair. The 2nd resistance is on 1.1616, the 2016 high whereas the last resistance is on 1.1714, the August 2015 high. The downwards support after 1.1489 is on 1.1472, the July 18 low, and the last support is at 1.1434, the July 14 mid-price.