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USDJPY at Upper Trend Line. Gold’s Bull Run Continuing?


Welcome to this week’s Market Blast Technicals where we will look at USDCNH, Gold (XAUUSD), EURUSD, and USDJPY.


Yesterday, in our Fundamentals video we promised to take a look at the USD pairs from a technical perspective.Screenshot 2021-01-12 at 10.41.22

Our Stochastic Oscillators on the Daily charts might be telling us that the recent strength of USD might be coming to an end.Screenshot 2021-01-12 at 10.41.31

USDJPY for example, has just hit the upper trend line and stochastics are  showing Overbought.

If we add an indicator like Bollinger Bands, we add one more level of confirmation that a reversal might be coming.

We see a similar situation on pairs like EURUSD but we need to wait for further confirmation to see if the bull run continues.Screenshot 2021-01-12 at 10.41.45

Regarding Gold, last week we pointed out this key level of resistance, and a potential reversal to the downside, and it happened.

Today, price action has bounced off the 38.2% Fibonacci level of support and the Stochastic Oscillator is about to cross from an Oversold signal.

During the last week we saw fundamental strength on the USD and fundamental weakness in Renmimbi but on the technical side, watch this upper trend line and stochastics approaching Overbought.Screenshot 2021-01-12 at 10.42.04

If we add an indicator like RSI, we can see weakness for the entire period of this bear run which started in May of this year.

If you want to learn more about oscillators like MACD, RSI and Stochastics, don’t forget to register for our Webinar next week on the 18th of January.

Thanks for watching and don’t forget to subscribe to our YouTube Channel and register on the Valutrades website to get notifications on new content as it happens.

That’s all for now.  Happy trading with Valutrades and we will see you later in the week with our Trading Tips video.

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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.