Hey Valutraders! USDJPY tried but failed to reach 140!
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I’m Brad Alexander and in this week’s Market Blast Technicals let’s take a look at Brent Crude (UKOil), Gold (XAUUSD), CHFJPY, CADJPY, and USDJPY.
Yesterday we talked about the Bank of Japan intervening if USDJPY reached 140 and we didn’t quite get there.
We have a bit of a pullback today but watch this lower trend line to see if the bullish trend and JPY weakness continue.
We can see from the daily chart just how much JPY has fallen this year.
As traders, we are waiting for the big reversal and I encourage you to investigate other JPY pairs.
For example, we have an Ascending Triangle on the daily chart on CADJPY.
And a breakout on this CHFJPY chart with the Stochastic Oscillator indicating continued bullish price action.
So, if you are following one currency, it is important to look at all the pairs related to that currency and we will be looking at how to do that in tonight’s webinar on Analysing a Currency Pair.
We had been talking about a fall in the price of Gold and, with USD strength, price action has broken through several key levels of support.
We can see on the daily chart that the next level below is the base of this double bottom that got our attention last year.
Also, the Stochastic Oscillator is still looking bearish.
The Crude Oil market seems to be affected by uncertainty in the Natural Gas market and price action on Brent Crude is heading up to this upper trend line and we are waiting for the Stochastic Oscillator to turn down from Overbought.
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