Yen analysis - USD/JPY resistance close by, EUR/JPY higher
Via Credit Suisse on USD/JPY, noting some resistance close by (107.06):
- "Should strength extend above 107.06 we see resistance next at the late July high at 107.53, then the 50% retracement at 107.95, with more important resistance seen not far above at the 200-day average and downtrend at 108.13/17."
And, CS on EUR/JPY
- suggests the trend should stay directly higher with resistance seen at the April 2019 high at 126.84 next, with tougher resistance then seen next at 127.52/72 - the 2019 high and potential downtrend from late 2014
- We would expect the 2019 high to prove a tougher initial barrier and would expect an initial pullback from here. A direct break though can see resistance next at the 61.8% retracement of the fall from 2018 at 128.67
- Near-term support moves to 125.76, then 125.51, the 124.95/87 which ideally holds to keep the immediate risk higher A break can see a setback to 124.50/33, but with fresh buyers expected here
Reprinted from Forexlive，the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
If you like, reward to support.
Hot
No comment on record. Start new comment.