USD/JPY: Offers Ahead Of The Wedge Line?
eFXnews | Oct 20, 2014 03:20AM ET
US Dollar Index: An incomplete correction. We are now into the third day of congestion after the latest falling benchmark candle and if following the textbook the market should today or latest by tomorrow take a turn to the downside. Potential target points for the next move lower should be 84.20 and 83.89 (and the 55d ma band just beneath).
EUR/USD: Looks like a bullish congestion. With repeated bids in the 1.2705/47 area there’s still scope for the pair to continue higher within a few days. Only a break of 1.2705 will start questioning another move higher and to call for the bear trend to have resumed a break below 1.2605 is needed.
USD/JPY: Offers ahead of the wedge line? The rebound from the 55d ma band and the 105.45 key resistance (the previous (Jan 02) top) will probably meet offers towards the wedge ceiling (the wedge was reentered on Oct 13 and reentrances normally see’s the price plunge more than what so far has been the case), 107.67. So if our assumption is right then we should soon be running into renewed selling (with buy stops above 108.01).
AUD/JPY: Headed into a ~95-test. Following multiple long lower "Shadows" last week and some bullish initiative today, the 95-level also looks exposed for a test, as a correction that is. For this short-term timeframe perspective to turn positive more is needed – like also showing demand at and above 96.0530. Move away from a near-term bullish view on a break back under 92.70.
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