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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).
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).