Weekly Technical Analysis report 27 August – USDJPY played out nicely, bearish play seen on EURUSD

Weekly Technical Analysis report 27 August – USDJPY played out nicely, bearish play seen on EURUSD

1. Last week’s outlook on USDJPY: Bullish play seen

Looking at the daily time frame, prices are testing the support of the ascending channel, in line with the 78.6% Fibonacci retracement and 100% Fibonacci extension where a pullback to test this area presents an opportunity to play the bounce. The next resistance target at 110.58 lines up with the graphical high and 61.8% Fibonacci retracement.

USDJPY Charts (Note: Coloured candles represent our projection)
Before:

After:

Chart: https://www.tradingview.com/chart/USDJPY/Bzbcqyom-Outlook-on-USDJPY-Bullish-play-seen/

 

2. This week’s outlook on EURUSD: Bearish play seen

Looking at the H1 and M30 time frames, prices remain under pressure, with a break and re-test of its ascending trend line which lines up with the resistance zone and 78.6% Fibonacci retracement at 1.1750 area. We could see a further downside below this resistance area to test our support target at 1.1730 area, in line with the graphical low. A break below this support zone opens room for further downside on EURUSD.

Outlook on EURUSD: Bearish play seen by Salzworth on TradingView.com