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Technical Report: USD/JPY Pair Experiencing Volatility

ByICN.com
Published 01/07/2014, 04:35 AM
Updated 07/09/2023, 06:31 AM
EUR/USD
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GBP/USD
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USD/JPY
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USD/CHF
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USD/CAD
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NZD/USD
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BETI
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European Session

EUR/USD
<span class=EUR/USD Daily Chart" title="EUR/USD Daily Chart" width="452" height="747">
The pair moved to the upside yesterday and the upside move started from the key support level of the ascending channel as showing on graph. Stochastic is showing oversold signals which might extend the upside move if the pair stabilized above support level 1.3570. It is significant to break 1.3500 as it will fail any intraday bullish possibility due to triggering negative signals on Linear Regression Indicators as it will lead to exiting the ascending channel.
<span class=EUR/USD S&R Chart" title="EUR/USD S&R Chart" width="452" height="747">
GBP/USD
<span class=GBP/USD Daily Chart" title="GBP/USD Daily Chart" width="452" height="747">
The pair’s attempt to the upside yesterday failed to consolidate above Linear Regression Indicator 34, in addition to failing to trade again above the previously broken support showing on graph. Meanwhile, the pair is still stable above the bullish key support of the general ascending channel showing on graph. Therefore, uncertainty continues especially that the negative signals on Linear Regression Indicators contradict with the oversold signals on Stochastic, in addition to RSI failing to break line 50 to the downside. Therefore, we prefer to remain intraday neutral today.
<span class=GBP/USD S&R Chart" title="GBP/USD S&R Chart" width="452" height="747">
USD/JPY
<span class=USD/JPY Daily Chart" title="USD/JPY Daily Chart" width="452" height="747">
The pair is experiencing great volatility below 200% Fibonacci represented in 104.65 levels keeping the possibility of a bearish correction. Exiting the ascending channel is the main reason behind our expectations of a bearish correction, but momentum indicators are showing weakness of the overall downside move which requires stability below 105.05 to keep the bearish momentum.
<span class=USD/JPY S&R Chart" title="USD/JPY S&R Chart" width="452" height="747">
USD/CHF
<span class=USD/CHF Daily Chart" title="USD/CHF Daily Chart" width="452" height="747">
The positive trading extended and the pair stabilized above 0.9025 most of the time yesterday keeping the general positivity. As for today, we notice the great overbought signals on Stochastic that requires being cautious when going intraday positive, whereas the negative signals on Stochastic requires stability above 61.8% correction at 0.9080. Therefore, despite that the general positivity is favored; we will remain neutral in this report and will update when there is a clear move.
<span class=USD/CHF S&R Chart" title="USD/CHF S&R Chart" width="452" height="747">
USD/CAD
<span class=USD/CAD Daily Chart" title="USD/CAD Daily Chart" width="452" height="747">
The pair moved to the upside yesterday followed by further bullishness today which led to stability above 113% correction represented in 1.0660. Stability above the referred to level weakens the referred to negative possibility where we expected a bearish correction. Meanwhile, we cannot currently bet on an upside move, whereas the pair didn’t yet confirm stabilizing above Linear Regression Indicators.
<span class=USD/CAD S&R Chart" title="USD/CAD S&R Chart" width="452" height="747">
NZD/USD
<span class=NZD/USD Daily Chart" title="NZD/USD Daily Chart" width="452" height="747">
NZD/USD is correcting some of the earlier gains, as price settles above the 50-days SMA and 0.8950-0.8940 horizontal support area, accordingly, we expect the bullish bias to resume after completing the a pullback towards this support area.
<span class=NZD/USD S&R Chart" title="NZD/USD S&R Chart" width="452" height="747">

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