Weekly Technical Analysis Report 18 January – USDJPY played out nicely
Weekly Technical Analysis Report 18 January – USDJPY played out nicely
1. Last week’s outlook on USDJPY: Bearish play seen
Prices are facing bearish pressure from the resistance zone at 132.50 on the H4 time frame, which coincides with the 61.8% Fibonacci retracement where we could see limited downside to our support zone at 131.50. Failure to hold below the resistance zone at 132.50 could see prices push higher to test the next resistance zone at 133.00, in line with the 50% Fibonacci retracement.
Before:
Source: Tradingview, https://www.tradingview.com/chart/USDJPY/0LBAmAWP-Bearish-outlook-on-USDJPY-10th-January/
After:
2. This week’s outlook on GBPUSD: Bearish outlook seen
On the H4 timeframe, prices have broken above the resistance zone at 1.2300, which coincides with the 78.6% Fibonacci retracement. A throwback to this level would be a downside confirmation, providing an opportunity to ride the drop to the next support zone at 1.2100. Stochastic RSI is in the overbought region above 80, which also supports our bearish bias.
Bearish outlook on GBPUSD: 18 January by Salzworth on TradingView.com
