USDJPY TECHS: Bullish Trend Sequence
- RES 4: 155.89 High Feb 3
- RES 3: 155.53 2.00% retracement of the Jan 10 - Apr 22 bear leg
- RES 2: 154.80 High Feb 12
- RES 1: 154.45 High Oct 30
- PRICE: 154.23 @ 06:59 GMT Oct 31
- SUP 1: 152.16 Intraday low
- SUP 2: 151.60 20-day EMA
- SUP 3: 149.96 50-day EMA
- SUP 4: 149.05 Low Oct 6 and a gap high on the daily chart
Bullish conditions in USDJPY remain intact and the pair is holding on to this week’s gains. Thursday’s rally resulted in a breach of key resistance at 153.27, the Oct 10 high, and confirms a resumption of the medium-term uptrend. Sights are on 154.80 next, the Feb 12 high. First important support to watch lies at 151.60, the 20-day EMA. A pullback would be considered corrective.
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GILTS: Opening Calls
Gilt calls, 90.60/90.62.
EQUITIES: EU Cash Opening Calls
Estox 50: -0.08%, Dax: -0.27%, CAC: +0.15%, FTSE +0.20%, SMI +0.39%,
USDCAD TECHS: Bull Cycle Still In Play
- RES 4: 1.4111 High Apr 10
- RES 3: 1.4019 38.2% retracement of the Feb 3 - Jun 16 bear leg
- RES 2: 1.3968 High May 20
- RES 1: 1.3959 High Sep 26
- PRICE: 1.3914 @ 07:55 BST Oct 1
- SUP 1: 1.3885/3814 Low Sep 25 / 50-day EMA
- SUP 2: 1.3727 Low Aug 29 and a bear trigger
- SUP 3: 1.3689 Low Jul 28
- SUP 4: 1.3637 Low Jul 25
A bullish theme in USDCAD remains intact and the pair is trading closer to its latest highs. Recent gains have resulted in the breach of a key resistance at 1.3925, the May 20 high and bull trigger. The break confirms a resumption of the bull cycle that started Jun 16. This paves the way for a climb towards 1.4019, a Fibonacci retracement point. On the downside, first key support lies at 1.3814, the 50-day EMA.
