There’s no stopping my boy the yen, is there? USD/JPY is now steadily trading below the 76.00 mark, and is currently forming a descending channel. Price is now right smack in the middle of the channel, but I expect traders to be keeping an eye out for potential support around 75.60 and resistance at 76.15.
So much for resistance at 1.4000! EUR/USD bulls were just too strong yesterday, as they broke the pair out of its recent wedge and set a new high just below 1.4250. Watch out though, as a shooting star has formed. With Stochastic also showing overbought conditions, have the bulls ran out of steam? Be on the lookout for a bearish marubozu candle as a sign that the bears are back.
Finally! After sticking within a tight 100-pip range the whole week, GBP/JPY finally broke out of its range. The only question now is, could this be fakeout? Or could the pair be headed to new highs? I’ve got a feeling that 122.00 could serve as resistance-turned-support, but I’d rather wait for a few more tests to see whether it is holding or not.
To get the complete picture and avoid getting blindsided by economic data, you also have to do your fundamental analysis.
Lucky for us, Pip Diddy fills us in on what we need to know about fundamentals with his Daily Forex Fundamentals.