Daily Technical Analysis

EURUSD

The EURUSD had a bearish momentum yesterday bottomed at 1.1239. The shooting star formation I showed you yesterday gave us a valid bearish signal. The bias is bearish in nearest term testing 1.1150 and the lower line of the bullish channel which remains a good place to buy with a tight stop loss. Immediate resistance is seen around 1.1285. A clear break back above that area could lead price to neutral zone in nearest term testing 1.1350 region. On the downside, a clear break and daily close below the bullish channel would activate my bearish mode with nearest target seen around 1.1000.

USDJPY - Retest Of 2016 Low Maintains Bearish Pressure, Limited Upside Action Seen For Now

The pair retested last Thursday’s new 2016 low on overnight’s fresh weakness. Monday’s trading ended in red, after recovery action stalled at 104.82, confirming persisting downside pressure.
Long bearish candle of last week weighs, with daily technicals being in firm bearish mode.
Final break through 103.50 breakpoint could be delayed for prolonged consolidation, as daily RSI / Slow Stochastic are oversold. However, limited upside action is seen for now, with yesterday’s high at 104.82, marking solid resistance, ahead of 105.20 (Fibo 38.2% of 107.89/103.54 downleg) and former low at

USD/JPY – Yen Edges Lower, Fed Rate Statement Looms

The Japanese yen has edged lower, as the yen continues to show limited movement. USD/JPY is slightly below the 106 line. On the release front, Japanese Revised Industrial Production slipped to 0.5%, within expectations. In the US, today’s highlights are Core Retail Sales and Retail Sales. The estimate for both reports stands at 0.4%.
USD/JPY continues to show little movement, but the yen has recorded strong gains against the euro and the British pound. EUR/JPY and GBP/JPY are at 3-year lows, in response to continuing uncertainty over the Brexit referendum, as the “Leave” camp has gained strength in recent polls.

USD/JPY Forecast: Yen soars as US Retail Sales miss

Yen soars as US Retail Sales miss. The USD/JPY pair extended its pullback after being as high as 123.72 earlier this week, weighed by poor US Retail Sales data. The big miss helped the Japanese yen to resume its advance, and the USD/JPY now struggles around the 123.00 level. Technically, the 1 hour chart shows that the 100 and 200 SMAs stand well below the current price, with the largest offering a dynamic support in the 122.45 region,whilst the technical indicators head sharply lower in negative territory. In the 4 hours chart, the technical indicators have also turned strongly lower from overbought levels, but so far remain above their mid-lines, suggesting the bearish movement could be just corrective. Nevertheless, renewed selling pressure below 122.90 should lead to a test of the mentioned 122.45 level, while below this last, the slide can extend down to 122.00. To the upside, 123.30 is key, as selling interest should surge around the level, to maintain the bearish tone in place.

Support levels: 122.90 122.45 122.00

Resistance levels: 123.30 123.70 124.10 

Source:    www.fxstreet.com

YEN DROPS ON INTERVENTION TALKS

The Japanese currency declined versus most of the 16 main traded currencies after speculations rose that Japanese officials are ready to intervene on the current yen’s level, as it would be an obstacle for the Japanese economic recovery, decreasing competitiveness for the nation’s exports.