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USD/JPY had a bullish week. Yet, we should notice that the pair has reached some heavy resistance: 100-week MA (109.66) and 200-week MA (109.84). On the D1, we can already see that the movement to the upside has stalled on Thursday as USD/JPY formed a very small inside bar candlestick that looks like a “hanging man” pattern. As a result, a return below 109.35 (61.8% Fibo of the April-August decline) will lead the price down to the 109.00/108.90 area (200-day MA).
Although we preferred to focus on a bearish scenario in this article, unexpectedly positive news about the US-China, if such materializes, may push the exchange rate to the weekly moving averages and psychological resistance at 110.00.
On the H4, we can see that EUR/USD has found a temporary bottom in the 1.0770 area. The pair is now trading above the former short-term resistance line going down from March highs (1.0835).
How does the GBP/USD look like?
USD/JPY has declined from 111.70 and went into consolidation around 107.50.
AUD looks stronger, RBA keeps the rate steady. How positive is the picture?
On the H4, we can see that EUR/USD has found a temporary bottom in the 1.0770 area. The pair is now trading above the former short-term resistance line going down from March highs (1.0835).
The USD/CAD price has been falling down since March 19. What are the reasons?
