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USDJPY is trading above the cloud.
| EURUSD | H4 | ||
| Resistance | 1.1233 | 1.1273 | 1.1302 |
| Support | 1.1164 | 1.1135 | 1.1095 |
| Primary Scenario | EURUSD still experiences strong pressure below the daily pivot at 1.1204. If the pair manages to extend its downtrend, it will breach the barrier at 1.1164, targeting the forthcoming support level at 1.1135 and further down to 1.1095. | ||
| Alternative Scenario | An upward wave, would act as a catalyst for the market for a correction up to the daily pivot and even higher at 1.1233. | ||
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GBPUSD | H4 | |
| Resistance | 1.5467 | 1.5499 | 1.5541 |
| Support | 1.5393 | 1.5351 | 1.5318 |
| Primary Scenario | GBPUSD is gyrating the daily pivot at 1.5425. A plunge of the pair below the support level at 1.5393, it will open the way down to 1.5351 and then lower at 1.5318. | ||
| Alternative Scenario | If the exchange rate successfully manages to exceed the daily pivot, it will climb towards the resistance level at 1.5467. | ||
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USDCHF | H4 |  |
| Resistance | 0.9569 | 0.9604 | 0.9664 |
| Support | 0.9473 | 0.9413 | 0.9378 |
| Primary Scenario | The pair is surging near the previous top at 0.9569. Should USDCHF achieve to surpass this level, it will trigger the market to reach the next resistance at 0.9604. | ||
| Alternative Scenario | A comeback of the market will push prices to find support at the daily pivot at 0.9509. | ||
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USDJPY | H4 | |
| Resistance | 119.94 | 120.47 | 120.83 |
| Support | 119.63 | 119.34 | 118.83 |
| Primary Scenario | USDJPY is trading above the cloud. If the pair manages to withstand the sellers’ pressure, it will generate strength for the market to penetrate the resistance at 119.94, with immediate target the resistance at 120.47. | ||
| Alternative Scenario | A setback of the rate, will push the pair to breach the support level at 119.63 and then lower at 119.34, the upper level of the Kumo. | ||
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AUDUSD | H4 | |
| Resistance | 0.7834 | 0.7862 | 0.7891 |
| Support | 0.7777 | 0.7748 | 0.7720 |
| Primary Scenario | The pair is now testing the key resistance at 0.7777. A failed attempt to exceed this level will push the market to find support at 0.7748. The next support is seen at 0.7720. | ||
| Alternative Scenario | A surge of the market above the hurdle at 0.7777 will lift the currency pair towards the daily pivot at 0.7805. | ||
The post USDJPY is trading above the cloud. appeared first on Forex Circles.
Source:: USDJPY is trading above the cloud.
