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In Swissquote’s Monday 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 AUD/USD. To view and download the entire report, click here (PDF).
USD/JPY: Challenging its support at 114.06
• USD/JPY has failed to break the hourly resistance at 115.52 (06/11/2014 high) and is now challenging the hourly support at 114.06. A decisive break would validate a short-term double-top with an implied downside risk at 112.61. Other hourly supports stand at 113.17 (04/11/2014 low) and 112.57. An initial resistance lies at 114.64 (intraday high).
• A long-term bullish bias is favoured as long as the key support 105.23 (15/10/2014 high) holds. The break of the major resistance at 110.66 (15/08/2008 high) opens the way for a further rise towards 120.00 (psychological threshold, see also 61.8% retracement of the 1998-2011 decline).
• AUD/USD is bouncing after having broken the key support at 0.8660. Monitor the test of the hourly resistances 0.8682 (38.2% retracement). Another resistance stands at 0.8762. Hourly supports can now be found at 0.8625 (intraday low) and 0.8541.
• In the long-term, the break of the strong support at 0.8660 (24/01/2014 low) confirms the underlying long-term bearish trend and opens the way for further weakness. Supports can be found at 0.8316 (01/07/2010 low) and 0.8067 (25/05/2010 low). A key resistance stands at 0.8911 (29/10/2014 high).
• Our short strategy has been stopped near its entry price.
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.