Swissquote Daily Technical Report: USD/JPY – Failing to hold above the resistance at 104.13

In Swissquote’s Tuesday 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 EUR/USD. To view and download the entire report, click here (PDF).

USD/JPY: Failing to hold above the resistance at 104.13.

• USD/JPY has failed to hold above the key resistance at 104.13, suggesting a potential false breakout. A break of the hourly support at 103.50 (22/08/2014 low) would confirm a deterioration of the short-term technical structure. Another support lies at 102.91 (intraday low, see also the rising trendline). A resistance can now be found at 104.49 (25/08/2014 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. Strong resistances can be found at 105.44 (02/01/2014 high) and 110.66 (15/08/2008 high).


EUR/USD: Trying to bounce

• EUR/USD is trying to stabilise after its recent new lows. However, the short-term technical
structure is negative as long as prices remain below the hourly resistance at 1.3297 (22/08/2014 high). An initial resistance stands at 1.3242 (21/08/2014 low). An hourly support now stands at 1.3179 (intraday low).

• In the longer term, EUR/USD is in a succession of lower highs and lower lows since May 2014. A long-term decline towards the strong support area between 1.2755 (09/07/2013 low) and 1.2662
(13/11/2012 low) is favoured. However, in the shorter term, monitor the key support at 1.3105 (06/09/2013 low) given the general oversold conditions. A key resistance lies at 1.3444 (28/07/2014 high).


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.

Read Also: