Swissquote Daily Technical Report: USD/JPY- Unimpressive bounce thus far


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 GBP/USD. Download the full report by clicking here.

USD/JPY: Unimpressive bounce thus far

  • USD/JPY has strengthened but bearish pressures remain. Last week, the hourly support at 101.72 was broken. Another minor support lies at 101.32, while a key support stands at 101.07. Hourly support can be found at 102.00 (07/08/2014 low) and resistance is located 102.46 (07/08/2014 high).
  • A long-term bullish bias is favoured as long as the key support 99.57 (19/11/2013 low) holds. However, a break to the upside out of the current consolidation phase between 100.76 (04/02/2014 low) and 103.02 is needed to resume the underlying bullish trend. Another resistance can be found at 104.13 (04/04/2014 high), while a major resistance stands at 110.66 (15/08/2008 high).

usdjpy

GBP/USD: Unable to stage a recovery rally

  • GBP/USD remains weak, as can be seen by the continued development of new lows (1.6775 intraday). Bullish rallies quickly lose momentum. A break of the resistance at 1.6893 (01/08/2014 high) is needed to suggest exhaustion in short term selling pressures. Another resistance can be found at 1.6955 (30/07/2014 high).
  • In the longer term, the break of the major resistance at 1.7043 (05/08/2009 high) calls for further strength. Resistances can be found at 1.7332 (see the 50% retracement of the 2008 decline) and 1.7447 (11/09/2008 low). A key support stands at 1.6693 (29/05/2014 low, see also the 200 day moving average).

gbpusd

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- Unimpressive bounce thus far

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