Having been defeated by 107.90 again, the USDJPY seem declining towards 107.00 re-test, breaking which 106.70 and the 106.40 are likely to appear on the chart. In case if the pair continue trading down below 106.40, the 106.00 may act as a small barrier during its south-run in direction to 105.50 and then to the 61.8% FE level of 104.80. Should prices take a U-turn from present levels and surpasses 107.90, also clears the 108.00 round-figure, six-week long downward slanting TL, at 108.40, may try to restrict its following up-side, breaking which 108.80 and 109.10 can become buyers’ favorites. Assuming the pair’s successful advances beyond 109.10, the 109.80 and the 110.40 could please the Bulls.
Even after failing to stretch its recent pullback beyond 84.90, the AUDJPY’s downturn may continue finding it hard to break the ten-month long ascending trend-line support, at 83.30 now. As a result, the pair’s bounce to 84.25 and then to the 84.90 become more expected. Given the pair’s ability to extend its recovery above 84.90, the 85.40 and the 86.00 can acquire market attention before the 200-day SMA level of 86.55 comes into play. Alternatively, a daily close below 83.30 can fetch the pair to 82.70 and then to the 82.20 while 81.95 and the 81.45 could entertain the sellers afterwards.
With the 78.35-30 horizontal-line again pushing the NZDJPY up, chances of the pair’s another attempt to clear near-term descending trend-line, at 79.00 now, seem brighter. If the quote conquers the 79.00 mark, the 79.30, the 79.50 and the 80.00 are likely consequent resistances to be watched whereas 80.15, the 80.40 and the 80.80 could become important then after. Meanwhile, break of 78.30 may take a halt at 78.00 ahead of making the pair test 77.60 and the 61.8% FE level of 77.15. During the pair’s sustained declines below 77.15, the 77.00, the 76.70 and the 76.00 may be flashed in Bears’ radar to target.
While 100-day & 200-day SMA confluence keep limiting CHFJPY’s immediate upside, the pair has to close below three-month old ascending trend-line level of 114.30 in order to decline further. If that happens, the 114.00, the 113.40 and the 113.00 shouldn’t be missed while being short but the 112.60-50 horizontal-line could confine the pair’s downside after 113.00. On the upside, a clear break of 114.80 is likely requirement that prices have to satisfy in order to become capable of targeting 115.30 and the 115.70 resistances. Moreover, pair’s successful trading beyond 115.70 enables it to aim for 116.40 and the 117.00 north-side numbers.
Cheers and Safe Trading,
This article was originally posted on FX Empire
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