USDJPY: Now testing the previous top.

Posted On 14 Nov 2014

By : admin

EURUSD Technical Analysis

	EURUSD	H4
Resistance	1.2502	1.2529	1.2567
Support	1.2437	1.2399	1.2372
Primary Scenario	EURUSD tumbled on Friday and cleared the strong support at 1.2437. A further drop of the pair will open the way towards the support at 1.2399 and even lower at 1.2372.
Alternative Scenario	Should the pair manage to exceed the resistance at 1.2437, it will jump up to the daily pivot at 1.2464.

	GBPUSD	H4
Resistance	1.5762	1.5814	1.5848
Support	1.5675	1.5641	1.5588
Primary Scenario	The pair is following a downtrend and is heading to the support level at 1.5641. If GBPUSD manages to breach this level, it will push prices lower to the next support at 1.5588.
Alternative Scenario	An upward wave will bring the market into a correction course to the north, targeting the resistance at 1.5675 and then higher at 1.5727 (daily pivot). RSI supports this scenario.

	USDCHF	H4
Resistance	0.9664	0.9694	0.9715
Support	0.9613	0.9591	0.9561
Primary Scenario	A strong move led USDCHF to penetrate the barrier at 0.9664. A sustained trading above this level will lift the market towards the resistance level at 0.9694 and further up at 0.9715.
Alternative Scenario	A comeback of the exchange rate will lead the pair to breach the support at 0.9664. The next support is seen at 0.9643 (daily pivot).

	USDJPY	H4
Resistance	116.29	116.77	117.70
Support	115.78	115.30	114.98
Primary Scenario	USDJPY is now testing the previous top at 116.29. If the pair achieves to surpass this level, it will climb towards the Fibonacci resistance level 261.8% at 116.77.
Alternative Scenario	A reversal back of the market will push USDJPY to find support at 115.78.

	AUDUSD	H4
Resistance	0.8765	0.8810	0.8857
Support	0.8672	0.8625	0.8580
Primary Scenario	AUDUSD topped up at 0.8765, before closing below the daily pivot (0.8718). If the pair manages to extend its downward momentum, it will violate the forthcoming support at 0.8672. The next support is seen at 0.8625.
Alternative Scenario	Alternatively, a higher thrust of the currency rate will target the daily pivot.

The post USDJPY: Now testing the previous top. appeared first on Forex Circles.

Source:: USDJPY: Now testing the previous top.

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