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USDJPY has been moving in a range this week.
Posted On 30 Jan 2015
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| EURUSD | H4 | ||
| Resistance | 1.1370 | 1.1421 | 1.1476 |
| Support | 1.1264 | 1.1210 | 1.1158 |
| Primary Scenario | EURUSD is trading slightly above the daily pivot at 1.1315. A successful attempt to reach and penetrate the hurdle at 1.1370 will most likely lead the exchange rate up to the forthcoming resistance at 1.1421. | ||
| Alternative Scenario | If the market drops below the daily pivot, it will find support at 1.1264. | ||
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GBPUSD | H4 |  |
| Resistance | 1.5144 | 1.5224 | 1.5287 |
| Support | 1.5000 | 1.4937 | 1.4857 |
| Primary Scenario | Having reversed from the previous top, GBPUSD is trading in line with the daily pivot point (1.5081). An upward wave will open the way up towards 1.5144 and then higher at 1.5224. | ||
| Alternative Scenario | Alternatively, a setback of the pair will push prices below the daily pivot towards the support level at 1.5000. | ||
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USDCHF | H4 | |
| Resistance | 0.9308 | 0.9384 | 0.9517 |
| Support | 0.9099 | 0.8966 | 0.8891 |
| Primary Scenario | A strong movement led the pair to exceed the daily pivot (0.9175). While trading into fresh highs, a decisive movement to the north will trigger the market to reach the resistance level at 0.9308. The next resistance is seen at 0.9384. | ||
| Alternative Scenario | Should the pair manage to breach the daily pivot, it will move lower towards the support level at 0.9099. RSI supports this outlook. | ||
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USDJPY | H4 | |
| Resistance | 118.02 | 118.48 | 118.81 |
| Support | 117.57 | 117.34 | 116.90 |
| Primary Scenario | The pair has been moving in a range this week. Any decisive movement upwards will lead USDJPY to penetrate the upper level of the cloud (118.02), targeting the hurdle at 118.48. | ||
| Alternative Scenario | On the other hand, a plunge of the market will push the currency pair deeper in the Kumo down to the support level at 117.57. | ||
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AUDUSD | H4 |  |
| Resistance | 0.7870 | 0.7981 | 0.8057 |
| Support | 0.7683 | 0.7607 | 0.7496 |
| Primary Scenario | AUDUSD is following a downtrend. If the pair manages to extend this momentum, it will target the support levels at 0.7683 and even lower at 0.7607. | ||
| Alternative Scenario | A further correction of the exchange rate will fuel the pair to surpass the daily pivot at 0.7794. The next resistance is estimated at 0.7870. | ||
The post USDJPY has been moving in a range this week. appeared first on Forex Circles.
