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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).
USDJPY: Pushing higher
• USD/JPY has confirmed its underlying uptrend by making new highs. The short-term technical structure is positive as long as the support at 107.39 (12/09/2014 high) holds. Another hourly support can be found at 106.81 (16/09/2014 low).
• 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 has resumed the underlying bullish trend. A test of the major resistance at 110.66 (15/08/2008 high) is expected. Another resistance can be found at 114.66 (27/12/2007 high).
Gold: Drifting lower
• Gold has broken the support at 1240, confirming an underlying bearish momentum. The support at 1219 (08/01/2014 low) is challenged. Hourly resistances can be found at 1243 (16/09/2014 high) and 1258 (09/09/2014 high).
• 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.