USDJPY is nearing the previous high at 121.68.

Posted On 01 Feb 2016

Tag: AUDUSD, EURUSD, GBPUSD, USDCHF, USDJPY

	EURUSD	H4
Resistance	1.0913	1.1000	1.1052
Support	1.0775	1.0722	1.0636
Primary Scenario	EURUSD is trading slightly below the daily pivot point at 1.0861. Should the bears manage to take control of the bulls, the next support is seen at 1.0775 and even lower at 1.0722.
Alternative Scenario	An upward wave above the daily pivot will fuel the pair towards the resistance level at 1.0913.

	GBPUSD	H4
Resistance	1.4384	1.4530	1.4647
Support	1.4120	1.4002	1.3856
Primary Scenario	The pair is oscillating around the daily pivot (1.4266). A decisive movement to the south will push GBPUSD to find support at 1.4120 and further down to 1.4002.
Alternative Scenario	On the other hand, a successful attempt to penetrate the daily pivot will lift the exchange rate to hit the resistance at 1.4384.

	USDCHF	H4
Resistance	1.0276	1.0327	1.0399
Support	1.0152	1.0080	1.0029
Primary Scenario	USDCHF continued to move higher into fresh highs. If the pair manages to withstand the sellers’ pressure, it will climb towards the resistance level at 1.0276 and then higher at 1.0327.
Alternative Scenario	A plunge of the pair below the daily pivot point will open the way down to 1.0152.

	USDJPY	H4
Resistance	121.49	122.02	122.57
Support	121.14	120.89	120.60
Primary Scenario	The USDJPY pair is nearing the previous high at 121.68. Any fruitful attempt to surpass the hurdle at 121.49 will generate strength for the market to target the forthcoming level at 122.02.
Alternative Scenario	Alternatively, a correction course will push the pair to find support at 121.14 and even deeper at 120.89. RSI oscillator supports this scenario.

	AUDUSD	H4
Resistance	0.7129	0.7175	0.7211
Support	0.7046	0.7011	0.6964
Primary Scenario	AUDUSD edged up at 0.7129, before closing below the daily pivot (0.7093). A downward momentum will lead the pair to breach the support at 0.7040, with immediate target the forthcoming level at 0.7011.
Alternative Scenario.	A higher thrust of the currency pair will support the rate to exceed the daily pivot, targeting the resistance level at 0.7129.

The post USDJPY is nearing the previous high at 121.68. appeared first on FXTM Blog.

Source:: USDJPY is nearing the previous high at 121.68.

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