Weekly Technical Analysis Report 19 May – USDJPY played out nicely
Weekly Technical Analysis Report 19 May – USDJPY played out nicely
1. Previous outlook on USDJPY: Bullish outlook seen
Price tested a key support zone at 134 on the Daily timeframe, which is in line with the 78.6% Fibonacci retracement. A break above the confirmation level at 135.2 could provide bullish acceleration towards the resistance zone at 137.2, which coincides with the 78.6% Fibonacci extension level. Price is holding above the Ichimoku cloud and 20 EMA, supporting our bullish bias.
Before:
Bullish Outlook on USDJPY – 12 May 2023 by Salzworth on TradingView.com
After:
2. This week’s outlook on AUDUSD: Bearish outlook seen
On the 4H timeframe, there is bearish order flow, forming lower highs and lower lows. A pullback to key resistance zone at 0.67, which is in line with the 50% Fibonacci retracement level, and a break below downside confirmation level at 0.6580 could provide the bearish acceleration to the support zone at 0.6420, which coincides with the 161.8% Fibonacci extension level. Price is hovering below the 20 EMA and ichimoku cloud, supporting our bearish bias.
Bearish Outlook on AUDUSD- 19 May 2023 by Salzworth on TradingView.com
