USDJPY Testing Recent Price Ceiling

• 11 Feb 2022

USD/JPY

The USDJPY pair has failed to produce a break of the 116.15 resistance level, with selling activity climbing at the resistance line, denoted by the long upper shadows. A break seems imminent given that the longer-term bias is bullish. Momentum indicators have upward trajectories.

 

 

 

 

GBP/USD

The GBPUSD pair has started to march higher although small-bodied candles denote low conviction from buyers. Selling pressure remains, as the pair begin to approach the descending trendline, once again. Another rejection seems highly likely, especially given the lack of appetite for a rally.  

 

 

 

 

EURUSD

The EURUSD lacks support in the rally and we are now seeing price action begin to float towards the descending trendline once again, although, this time, it will be acting as a key support area. Small-bodied candles represent a stall in the rally. 

 

 

 

 

USOUSD

The USOUSD has begun a reversal from the 90.59 resistance line as a series of doji candles indicate moderate conviction to drive a tend change. The commodity has since returned to the $80 per barrel range where it may now consolidate. Momentum indicators have begun reversals.

 

 

 

 

XAUUSD

XAUUSD seems to have lost support as the early Asian trading sessions signals bearish moves. Oscillations within a longer-term uptrend have begun to widen, indicating that momentum may be building towards a break of the upper bound of the current range.  

 

 

 

 

 

US500

The US500 has plummeted from the 4590 resistance line after a strong bullish move in recent trading failed to drive the break. The index may now begin to ‘range’ between the 4306 and 4590 price levels. Momentum indicators have stalled.  

 

 

 

 

NDX100

NDX100 is pulling back towards the 14,493 support line. Previous pullbacks have ended in another rally attempt, therefore bearish conviction will be tested at this price level. Momentum indicators have upward trajectories though appear to be flattening in neutral territory.