The Japanese yen is battling the very round level of 100 while AUD/USD is struggling with higher ground. What’s next? Here is the view from SocGen:
Here is their view, courtesy of eFXnews:
USD/JPY has been trading through the graphical support of 100. Short term indicators have been posting positive divergence however a meaningful recovery has so far remained elusive. Short term, a retest of recent lows at 98.90/98.20, also a projection for the down move can’t be ruled out. However this will remain a crucial level.
In case this gives way, USD/JPY will head for a deeper down move with next projections at 97/96.80 initially. 100.60 is an immediate resistance while hourly descending trend at 101.40 will affirm early signs of recovery.
AUD/USD tested the neckline of the inverted H&S at 0.7780. The pattern highlights significance of the stabilization after a steady downtrend until January this year.
A break above 0.7780 will confirm the formation and indicate extension in rebound towards last May highs of 0.8160.
For lots more FX trades from major banks, sign up to eFXplus
By signing up to eFXplus via the link above, you are directly supporting Forex Crunch.
Share
