Swissquote Daily Technical Report: USD/JPY – Pushing higher towards the strong resistance at 105.44


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 AUD/USD. To view and download the entire report, click here (PDF).

USD/JPY: Pushing higher towards the strong resistance at 105.44

• USD/JPY is making new highs, opening the way for a test 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 104.22 (intraday low) and 103.50 (22/08/2014 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 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).

usdjpy

 AUD/USD: Lack of buying interest

• AUD/USD has failed to break the resistance at 0.9374. The subsequent break to the downside out of the rising channel negates a potential short-term double-bottom formation. An hourly support can be found at 0.9272, while a key support stands at 0.9239. An hourly resistance now lies at 0.9319 (01/09/2014 low).

• In the longer term, prices are consolidating within the range defined by the key support at 0.9206 (see also the 200 day moving average) and the key resistance at 0.9461 (10/04/2014 high)/0.9505.

audusd

 

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.

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Swissquote Daily Technical Report: USD/JPY - Pushing higher towards the strong resistance at 105.44

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