USDJPY Approaches Recent Price High

• 28 Sep 2021

USD/JPY

The USDJPY pair is approaching a recent price high at the 111.50 resistance line. Bullish conviction has begun to soar and buyers have dominated the last four trading sessions. Momentum indicators are approaching overbought conditions yet there remains further upside.

 

 

 

 

GBP/USD

The GBPUSD pair rallied are becoming shorter lived. Lower highs signal the dominance of longer-term bearish conviction. The descending trendline remains intact as a key resistance zone and price action has been unable to form a true test in recent trading.  

 

 

 

 

EURUSD

The Eurodollar is now testing the 1.167 support level which has been a zone for bullish rebounds in the past. Bullish conviction currently remains low and despite weak selling pressure, price action continues to fade lower, following the longer-term trajectory.  

 

 

 

 

USDCHF

The USDCHF is, once again, testing the 0.925 resistance line and despite a spike through in price action in yesterday’s session a break never materialised. Given the number of tests, a break does, however, seem imminent.  Momentum indicators signal further upside potential.

 

 

 

 

USDCAD

The USDCAD has plummeted towards the ascending trendline, where bullish rebounds typically take place. Given the weakening bearish conviction signaled by the doji candles on the approach to the trendline, we may expect the imminent return of buyers. 

 

 

 

 

XAUUSD

XAUUSD is consolidating at the 1753 support line. A series of small-bodied candles in the last few trading sessions indicate low conviction from both buyers and sellers. Longer-term sentiment is bearish and any rally attempts will likely be contained by the trendline.  

 

 

 

 

USOUSD

The USOUSD has surged passed several resistance zones to now test the 75.74 price high. A previous test resulted in a pullback and extended sell-off, returning to the $60 per barrel stabilizing range. Given that momentum indicators suggest the commodity is overbought, we may anticipate another pullback.