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In Swissquote’s Thursday short term technical trading report, the research team outlines the major technical levels of popular currency instruments with forecasts, below is the outline for USD/JPY and Gold. To view and download the entire report, click here (PDF).
• USD/JPY continues to rise after the break of the strong resistance at 105.44 (see also the 61.8% retracement and the long-term declining trendline). Hourly supports can be found at 106.04 and 105.71 (05/09/2014 high).
• A long-term bullish bias is favoured as long as the key support 100.76 (04/02/2014 low) holds. The break to the upside out of the consolidation phase between 100.76 (04/02/2014 low) and 103.02 favours a resumption of the underlying bullish trend. A test of the major resistance at 110.66 (15/08/2008 high) is favoured.
Approaching the support at 1240
• Gold continues to drift lower and is now closeto the support at 1240. Hourly resistances can now be found at 1258 (09/09/2014 high) and 1278 (04/09/2014 high, see also the declining trendline). Another support lies at 1219 (08/01/2014 low).
• In the long-term, we are sceptical that the horizontal range between the strong support at 1181 (28/06/2013 low) and the major resistance at 1434 (30/08/2013 high) is a long-term bullish reversal pattern. As a result, a decline towards the low of this range is eventually favoured. The recent break to the downside out of the symmetrical triangle confirms this scenario.
Swissquote, a member of LeapRate’s Globally Regulated Broker List has the most advanced technology and sufficient liquidity, and its completely transparent foreign exchange trading pattern is unique, which helps ensure its customers trade with the best prices current at the time of the transaction. Swissquote’s financial and economic expert team provides its customers with high-quality technical analysis and research reports every day.