Usdjpy technical analysis

Usdjpy fell from 110.20¥ to the low of the day 104.50¥ , the pair is currently trading at 107.50¥

Look at below chart. What will you see is a rising trendline on the weekly time frame. If we close below that Line , the pair will be having more amounted pressure and it may fall to below 100¥ mark within short period...

That level (104.50¥) is critical support for the pair and the last line of defense. A break below will start a new bearish trend for the pair which might send it back to 80¥ area again, level not seen since 2013.

If the pair finds support , we will have first resistance at 109.60¥ followed by 112.40¥

Usd recovering against the board

The dollar has been regaining some strength since friday noon. Usdjpy has recovered 100 pips from 107.30¥ ...the pair might face some tough resistance at current area, however i think we might be heading towards 110.80¥ soon. Resistance area can be found at 108.40 followed by very tough resistance at 108.80¥. If broken , we will have clear way to break the medium term downtrend andstart building new bullish trend targeting a break above 115¥ in the medium term. I am on the side of that reversal scenario unless we see a decisive break below 106¥ on daily or weekly close.

Gbp/Usd bearish below 1.2980$

The pair broke below the rising trendline in red as shown in the chart below. It is also trading below 200 hour moving average. There is horizontal resistance at 1.2980$ area followed by 1.3080$ area. Being Short is favorable with stop loss above 1.3080$. Target should be around 1.2640$ , you can book some profits at 1.2780$.

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