Welcome to this week’s Market Blast Technicals where we will look at AUDJPY, GBPJPY, USDJPY, and USDCHF.
Don’t forget to sign up for our next webinar on understanding and trading economic news events at https://www.valutrades.com/en/economic-events-to-watch-webinar
USDCHF is continuing its downtrend and has just bounced off this upper trend line.
We need to zoom out to the weekly chart to see this level of support from 3 years ago with lows below due to Coronavirus and the US Government shutdown in 2018.
Keep an eye on USDJPY as price is at a key level of 107.3 and we see an upper trend line forming.
We will need to see a break above resistance or a bounce below with key levels in either direction at 106.7 and 107.7.
We find the opposite with GBPJPY with price action in a bullish channel so keep an eye on this lower trend line.
Current support of 134.5 is also the 50% Fibonacci retracement level and a bounce to the upside would see the next key levels at 135.2 and the 38.2% Fibonacci level at 135.7.
AUDJPY is a much simpler story with price bouncing off this lower trend line in a long bullish run.
The next key level above at 75.3 is important as we zoom out to the daily chart we can see support and resistance during the last 18 months.
In our next webinar we will be looking at combining technical analysis with economic news events and you can register on the Valutrades website under “Education” or on the link in the blog or on YouTube.
That’s all for now. Happy trading with Valutrades and we will see you next week.
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The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice. If such information is acted upon by you then this should be solely at your discretion and Valutrades will not be held accountable in any way.
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