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9 Aug 2018

USD/JPY Technical Analysis: Corrective rally likely after upside break of the falling wedge pattern

  • The bullish divergence of the relative strength index (RSI), as seen in the hourly chart, indicates the pair could take out falling wedge resistance in the next couple of hours.
  • Falling wedge bull reversal, if confirmed, would allow a stronger rally toward 111.13 (50-hour moving average).
  • The bulls need progress soon as the pair is already trading below the all-important 50-day moving average of 110.88. A daily close below that level would confirm a bull-to-bear trend change, that is, the rally from the March low of 104.63 has ended.

Hourly chart

Spot Rate: 110.81

Daily High: 111.00

Daily Low: 110.71

Trend: Bullish above 110.87 (wedge resistance)

Resistance

R1: 110.87 (top end of the wedge)

R2: 111.13 (50-hour moving average)

R3: 111.30 (10-day moving average)

Support

S1: 110.72 (daily pivot support 1)

S2: 110.59 (July 26 low)

S3: 110.28 (July 4 low)

Aug 9, 2018

Australia: Significant increase in short-term wholesale interest rates - Westpac

According to analysts at Westpac, the significant increase in short-term wholesale interest rates and associated volatility has been a key topic of de
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Aug 9, 2018

GBP/USD continuing to sag as Friday's UK GDP reading looms ahead

The GBP/USD pair is trading into 1.2875 after seeing decline on Wednesday, falling from a high of 1.2960 as bearish sentiment continues to factor heav
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