02/16/2015 15:45 EST Update
EUR/USD 4-hour: Strong consolidation continues.
Invest Diva positioning: No positions.
Technical reasons why: The pair continues to consolidate at the pivot level at 1.1308 around the Ichimoku’s cloud and within the Bollinger bands. The RSI is slightly below the neutrality area.
Where I’m setting my stops and limits:
| Support Levels | Turning Point | Resistance Levels |
|---|---|---|
| 1.1150 | 1.1308 | 1.1784 |
| 1.009 | 1.1548 |
USD/JPY 4-hour: Entered the Ichimoku’s cloud.
Invest Diva positioning: Short positions below 118.45 with targets at 117.29 and 116.05 in extension.
Technical reasons why: The pair entered the Ichimoku’s cloud and is teasing the pivot level at 118.45. A break below the cloud would signal a further down move. The RSI is below the neutrality area.
Alternative Scenario: Above 118.45 look for further upside towards 120.63 and 121.83.
Where I’m setting my stops and limits:
| Support Levels | Turning Point | Resistance Levels |
|---|---|---|
| 117.29 | 118.45 | 121.83 |
| 116.05 | 120.63 |
Consolidating, consolidating, consolidating….
