USD/JPY close to a strong demand zone around 109.80

USD/JPY close to a strong demand zone around 109.80

USD/JPY has been following a bullish bias and an impulsive structure is being developed since June 14th. That’s why we would like to follow a corrective move towards the 61.8% Fibonacci retracement level in a first degree at 109.80, where we would like to see a rebound. A demand zone can be shown around that area and the pair could bring some good opportunities to go long. In the alternative scenario, a breakout below 109.36 can put in danger that preferred outlook and the pair might plummet towards 108.00.

RSI indicator is still flat but once it turns positive, our bullish outlook could strengthen, with a strong resistance placed around 111.41 yet to be broken.




EUR/USD: euro going lower

Narrowing irregular bullish Ichimoku Cloud with falling Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen with falling Tenkan-sen; the market are in the negative area and made the new lows.

EUR/USD inside a key support area

The EUR/USD pair was smashed during Friday’s session amid a strong USD across the board, helping to push the pair towards the Fibonacci zone of 65% at 1…


Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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