Even after bouncing off the 105.50-45 support-zone, the USDJPY still struggles with two-month old descending trend-line, at 106.85 now, before the crucial US NFP. Should the employment details please USD buyers, the pair may surpass 106.85 and can rise towards 107.20 and the 107.60 but its following recovery has to conquer the 107.90-95 horizontal-line in order to visit the 108.40 and the 109.00 resistance-levels. In case if the Jobs report disappoint greenback Bulls and trigger the pair’s pullback, the 106.50, the 106.20 and the 105.80 are likely consecutive supports to appear on the chart. Moreover, pair’s decline below 105.80 can drag it back to 105.50-45, the 105.20 and then to the 61.8% FE level of 104.85.
GBPJPY is another JPY pair which has recently reversed from nearby support and is aiming to challenge the downward slanting trend-line, which ranges a month-long and is situated around 147.85. If prices clear the 147.85 barrier, the 148.00 and the 148.65 may entertain short-term buyers, breaking which 149.60 and the 150.00 could gain market attention. Additionally, pair’s ability to rise beyond 150.00 can be questioned by the 150.75-90 horizontal-area. On the downside, the 147.00, the 146.50 and the 146.30 might act as small rests during the pair’s profit-booking moves, breaking which 145.90 could appear in sellers’ radar. Given the pair’s sustained declines beneath the 145.90, the 144.95 and the 61.8% FE level of 144.35 might play their role.
While a week-old ascending trend-line portrays the AUDJPY’s recovery since Monday, the pair currently faces a tough challenge, in the form of month-long downward slanting TL, at 83.35. If the quote breaks above 83.35, it’s advances to the 83.70 and to the 84.20 become imminent while 84.50 can become the only halt that it can avail ahead of confronting the 84.85-90 horizontal-line. Should the pair surpasses 84.90, it won’t be a surprise to see 85.60 as a quote. Meanwhile, 83.00, the 82.80 and the aforementioned trend-line, at 82.65, may try limiting the pair’s immediate downside, breaking which 82.30 and the 81.90 could be highlighted. Given the pair’s dip below 81.90, the 81.45 and the 81.00 are likely following numbers to come alive as levels.
Cheers and Safe Trading,
This article was originally posted on FX Empire
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