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In Swissquote’s latest technical trading report, Luc Luyet-Senior Market Analyst outlines the major technical levels of popular currency instruments, below is the outline for the EUR/USD and USD/JPY. You can download the full report by clicking here.
EUR/USD: Monitor the resistance at 1.3444…
• EUR/USD is bouncing within its underlying downtrend. Hourly resistances can be found at 1.3444 (28/07/2014 high) and 1.3485 (24/07/2014 high). An hourly support lies at 1.3367.
• In the longer term, EUR/USD is in a succession of lower highs and lower lows since May 2014. Downside risk is given by 1.3210 (second leg lower after the rebound from 1.3503 to 1.3700). A strong support stands at 1.3296 (07/11/2013 low). A key resistance lies at 1.3549 (21/07/2014 high).
USD/JPY: Fading near the key resistance at 103.02…
• USD/JPY has weakened near the key resistance at 103.02. Monitor the support at 102.36 (18/06/2014 high, see also the 38.2% retracement). Another support can be found at 102.04 (30/07/2014 low).
• A long-term bullish bias is favoured as long as the key support 99.57 (19/11/2013 low) holds. However, a break to the upside out of the current consolidation phase between 100.76 (04/02/2014 low) and 103.02 is needed to resume the underlying bullish trend. Another resistance can be found at 104.13 (04/04/2014 high), while a major resistance stands at 110.66 (15/08/2008 high).