Forex Charts
USDJPY – above 93.73 confirms bull flag and targets 94.22/63
When looking at the daily chart or the 240min below, the action over the last 3 days has formed a bull flag to complete a small Wave-iv correction.
EURUSD – building a top but minor support at 2013 low
The Euro is building a negative technical picture starting with the trendlline break from the July lows. That break coincided with a failure to hold key support at 1.3170/60.
USDJPY – need below Nov/Jan up-trends to resolve correction
The proposed triangle in JPY has not materialized, rather a sideways range is underway to satisfy the consolidation post the 4-figure move lower from 95.
EURUSD – yesterday’s doji raises case for 7-week cycle low
This week we are focusing on a possible cycle low to continue the series of 7-week lows that began last October.
EURUSD – Friday’s bullish doji and 7-week cycle stall downtrend
Last week the Euro neutralized the bull trend by breaking both the July and November uptrend but has so far failed to extend losses.
USDJPY – still in a bullish coil, above 94 resolves pattern
It can be helpful to look at key pivots in RSI; in the case of JPY, the 60 level has been significant have led to an important top in Aug and 2 key bottoms in Dec. & Jan.
EURJPY – focus on break of bull-flag, resistance at 125.75/90
Since hitting our 125.71 target EURJPY has traded around that level and is now in a small countertrend correction. Our next symmetry targets on the upside is 132.08/52;
USDJPY – above 92.25 bullish triangle suggests break of 94.22
What remains clear about USDJPY over the last 3 weeks is that the uptrend is slowing; little progress has been made since the 93.66 high on 2/5.
EURUSD – old consolidation still containing pullback correction
Short-term momentum is still signifying weakness but the consolidation from 1/10-1/25 continues to contain this correction lower.
USDJPY – n/t support is 93.15/92.17, the latter critical to uptrend
Last week JPY posted a bearish shooting star, a close below 93 this week would offer a second in a row. This is happening as prices reached the weekly highs from 2010 at 94.99.
EURUSD – triangle correction developing above 1.3458
Above 1.34 (the Wave (1) high) we continue to view this pullback in EUR as a Wave (4) correction and not a topping pattern.
Market Spotlight: USDJPY probing 94.13/95.00 hurdles
USDJPY, having surpassed our long-term target of 90.00, is now probing the 94.13/95.00 key retracement/chart resistance zone.