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In Swissquote’s Friday 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 GBP/JPY. To view and download the entire report, click here (PDF).
USD/JPY: Rushing towards the major resistance at 110.66.
• USD/JPY continues its steep advance and is now close to the major resistance at 110.66. Given the overextended rise, the odds to see a short-term correction are increasing. Hourly supports can be found at 108.37 (intraday low) and 107.39 (12/09/2014 high).
• A long-term bullish bias is favoured as long as the key support 100.76 (04/02/2014 low) holds. The recent new highs confirm a strong underlying bullish trend. Despite a likely pause near the major resistance at 110.66 (15/08/2008 high), an eventual break to the upside is favoured. Another resistance can be found at 114.66 (27/12/2007 high).
GBP/JPY: Pushing higher
• GBP/JPY has broken the key resistance at 175.37 (03/07/2014 low), confirming the underlying bullish trend. Hourly supports now lie at 177.72 (intraday low) and 176.88 (intraday low).
• In the long-term, the break of the major resistance at 163.09 (07/08/2009 high) calls for further long-term strength. The resistance at 179.17 (see also psychological threshold at 180.00) is challenged. Other resistances can be found at 183.98 (50% retracement of the 2007-2009 decline) and 197.45. Strong supports lie at 172.99 (16/09/2014 low) and 169.51 (11/04/2014 low).
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.