A Breakout On The Cards For JP225?

• 14 Jun 2021

USD/JPY

USDJPY pair has once again rebounded from the ascending trendline which remains intact as a key support level. Oscillations continue to narrow towards the apex of an ascending triangle. Momentum indicators have flattened in bullish territory.

 

 

 

 

GBP/USD

The GBPUSD pair remains glued to the 1.418 resistance line which now represents a real hurdle for GBP buyers. Previous selling activity has been thwarted by residual bullish sentiment. Conviction is not currently strong enough to drive the break. Momentum indicators have flattened in bullish territory.

 

 

 

 

EURUSD

The Eurodollar has pulled back to break the ascending trendline as selling pressure has risen sharply in recent trading. A support level exists at the 1.198 price line. Momentum indicators reflect the bearish sentiment with clear downward trajectories.

 

 

 

 

USDCHF

The USDCHF pair is beginning to find support, with bullish moves in recent trading taking price action back towards the 0.904 resistance level. Previous tests of this resistance level has seen price action contained within the 0.889- 0.904 range. Momentum indicators have moderate upward trajectories.

 

 

 

 

XAUUSD

XAUUSD pulled back to the 1870 support level resulting in a break of the ascending trendline, which may be the first indication of a reversal. A break of the 1870 support level would cement the bearish momentum. Momentum indicators have sharp downward trajectories.

 

 

 

 

US500

The US500 index has broken the 4233 resistance level albeit with weak conviction from buyers. The rally shows no sign of stopping and the ascending trendline will continue to act as a key support level. Momentum indicators reflect the bullish sentiment with RSI approaching overbought conditions.

 

 

 

 

JP225

The JP225 has moved to test the descending trendline once more, as bullish sentiment has begun to rise in recent trading. Although momentum remains weak, the test is indicative of residual appetite from buyers. A breakout may be on the cards as the index approaches the 28,532 support level. Momentum indicators are bullish.