USD/JPY: Will Key Resistance Levels Hold Amidst Oversold Conditions?
Jason Sen | Aug 22, 2023 04:08AM ET
USDJPY if you managed to hold longs at strong support at 145.10/144.90 from Friday or jump in early yesterday, the pair shot higher to targets of 145.65 and 146.00 as we look for 147.00.
NZDUSD severely oversold, so a bounce is possible to minor resistance at 5975/85. Shorts need stops above 5995. Strong resistance at 6015/25. Shorts need stops above 6040.
USDCAD longs at support at 1.3475/55 are working as we hit the first target of 1.3560. This week I look for 1.3595, 1.3640.
Strong support at 1.3475/65. Longs need stops below 1.3445.
AUDUSD may stabilize for a short period to ease severely oversold conditions, but the trend is definitely negative.
Although I would not try a long, a bounce to resistance at 6460/80 is certainly possible. Shorts need stops above 6510.
Targets: 6430, 6380.
EURUSD strong resistance at 1.0935/50. Shorts need stops above 1.0970. Targets: 1.0890, 1.0860.
EURCAD made a high for the day exactly at strong resistance at 1.4780/1.4800. Shorts need stops above 1.4820. A break higher should be a buy signal targeting 1.4870/80.
AUDCAD strong resistance at 8730/50. Shorts need stops above 8765. Targets: 8690, 8660, 8630.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.