USDJPY: A new bullish scenario is now in force.

Posted On 22 Jan 2016

Tag: AUDUSD, EURUSD, GBPUSD, USDCHF, USDJPY

	EURUSD	H4
Resistance	1.0938	1.1000	1.1081
Support	1.0794	1.0714	1.0651
Primary Scenario	EURUSD tested the key support level at 1.0794 in the previous session. A decisive movement to the south will push the pair to retest this level and a break back below will lead the rate underway towards the forthcoming level at 1.0714.
Alternative Scenario	A successful attempt to penetrate the daily pivot (1.0857) will fuel the pair to hit the resistance level at 1.0938.

	GBPUSD	H4
Resistance	1.4284	1.4351	1.4454
Support	1.4114	1.4011	1.3944
Primary Scenario	After reaching a multi-year low, GBPUSD managed to cross above the daily pivot point at 1.4181. Further correction of the market will trigger the market to hit the resistance levels at 1.4284 and 1.4351.
Alternative Scenario	On the other hand, a plunge of the currency pair below the daily pivot will open the way down to 1.4114.

	USDCHF	H4
Resistance	1.0139	1.0209	1.0273
Support	1.0006	0.9942	0.9872
Primary Scenario	USDCHF gained momentum and tested the hurdle at 1.0139. Should a breakout occur, there is further resistance nearby at 1.0209.
Alternative Scenario	A comeback of the exchange rate will push prices to breach the daily pivot (1.0076), with immediate target the support at 1.0006.

	USDJPY	H4
Resistance	118.13	118.55	119.15
Support	117.88	117.40	117.04
Primary Scenario	A new bullish scenario is now in force. If the pair achieves to extend its uptrend, it will exceed the barrier at 118.13 and the next resistance is seen at 118.55.
Alternative Scenario	Alternatively, should the pair manage to violate the upper level of the cloud (117.88), USDJPY will enter the Kumo, targeting the support level at 117.40.

	AUDUSD	H4
Resistance	0.7050	0.7104	0.7192
Support	0.6908	0.6820	0.6766
Primary Scenario	AUDUSD is heading towards the resistance level at 0.7050. If the pair manages to surpass this level, it will most likely lift the rate higher at 0.7104 and 0.7192.
Alternative Scenario.	A reversal back below the daily pivot at 0.6962 will lead the market to find support at 0.6908.

The post USDJPY: A new bullish scenario is now in force. appeared first on FXTM Blog.

Source:: USDJPY: A new bullish scenario is now in force.

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