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Euro – Yen on the forex dance floor


Apr.24.2014

Kiana danial 3

The pick of the day is a pair we don’t normally cover and it doesn’t include Ms. USA. Yes we’re gonna cover a minor currency a pair. How about that? It’s EUR/JPY as Mr. Euro dances against Ms. Japan rebounding on the lower boundary of a mid-term bullish channel and remain on the upside, scratching the upper band of Mr. Ichimoku cloud. The RSI is reversing up and stands above its neutrality area and our next bullish targets are set at previous top at 145 and 152 in extension. Only a break below 136 will turn the outlook to bearish with a first alternative target at 131.10 and a second one at 127.5.

EURJPY technical analysis bullish ichimoku channel RSI daily

Meanwhile on the fundamentals side, we got quite a few bits of positive news out of Europe, bringing positive sentiment to European assets and pushing up their currencies on the day.

A quick word with our Japanese followers, 来月から日本語で為替市場レポートをお伝えしますから、是非日本語バージョンも見にきてください!!

Long term traders. Don’t sweat the small losses and look at the big picture. Short term traders, invest responsibly. And all of you, enroll in Invest Diva’s program today and learn forex trading with me with over 100 awesome education videos.

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Intraday Forex Technical Levels

EUR/USD Intraday: the bias remains bullish.

Our preference: Long positions above 1.381 with targets @ 1.385 & 1.3865 in extension.

Alternative scenario: Below 1.381 look for further downside with 1.38 & 1.3785 as targets.

Comment: The pair remains supported by a rising trend line.

Supports and resistances:
1.388
1.3865
1.385
1.3823 Last
1.381
1.38
1.3785

 

GBP/USD Intraday: rebound.

Our preference: Long positions above 1.677 with targets @ 1.682 & 1.6845 in extension.

Alternative scenario: Below 1.677 look for further downside with 1.675 & 1.6725 as targets.

Comment: The pair is rebounding above its support.

Supports and resistances:
1.686
1.6845
1.682
1.6794 Last
1.677
1.675
1.6725

USD/JPY Intraday: bullish bias above 102.15.

Our preference: Long positions above 102.15 with targets @ 102.7 & 102.95 in extension.

Alternative scenario: Below 102.15 look for further downside with 101.85 & 101.65 as targets.

Comment: The pair is rebounding above its support.

Supports and resistances:
103.2
102.95
102.7
102.415 Last
102.15
101.85
101.65

USD/CHF Intraday: key resistance at 0.8845.

Our preference: Short positions below 0.8845 with targets @ 0.88 & 0.8775 in extension.

Alternative scenario: Above 0.8845 look for further upside with 0.886 & 0.8875 as targets.

Comment: As long as 0.8845 is resistance, look for choppy price action with a bearish bias.

Supports and resistances:
0.8875
0.886
0.8845
0.8828 Last
0.88
0.8775
0.8755

 NZD/USD Intraday: intraday support around 0.855.

Our preference: Long positions above 0.855 with targets @ 0.8635 & 0.869 in extension.

Alternative scenario: Below 0.855 look for further downside with 0.8515 & 0.8475 as targets.

Comment: A support base at 0.855 has formed and has allowed for a temporary stabilisation.

Supports and resistances:
0.871
0.869
0.8635
0.8572 Last
0.855
0.8515
0.8475

AUD/USD Intraday: bullish bias above 0.925.

Our preference: Long positions above 0.925 with targets @ 0.9315 & 0.935 in extension.

Alternative scenario: Below 0.925 look for further downside with 0.921 & 0.915 as targets.

Comment: The price is expected to bounce off a bearish channel support. In addition the 0.925 support area is expected to limit the downside potential.

Supports and resistances:
0.9375
0.935
0.9315
0.9272 Last
0.925
0.921
0.915

USD/CAD Intraday: bullish bias above 1.0995.

 

Our preference: Long positions above 1.0995 with targets @ 1.105 & 1.107 in extension.

Alternative scenario: Below 1.0995 look for further downside with 1.097 & 1.094 as targets.

Comment: The RSI lacks downward momentum. The pair remains in a bullish channel.

Supports and resistances:
1.1105
1.107
1.105
1.1025 Last
1.0995
1.097
1.094

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