A Trend Change For USD/JPY?

• 15 Jul 2021

USD/JPY

The USDJPY pair has once again rejected the ascending trendline which has developed as a key resistance area. As such, price action is now once again pulling back to the 109.84 price line. The pullback could be the first signs of waning bullish momentum. Momentum indicators have downward trajectories.

 

 

 

 

GBP/USD

The GBPUSD pair is beginning to settle at the 1.380 support level, where oscillations are seeing price action return to this price level with consistency yet lacking conviction for the break. The pair is likely to consolidate within this range. Momentum indicators have upward trajectories.

 

 

 

 

EURUSD

Eurodollar buyers have started to return in early trading after a rejection of the ascending trendline, Price action is likely to be contained by this resistance area going forward. A longer-term bearish bias has been established. Momentum indicators have flattened in bearish territory.

 

 

 

 

USDCAD

The USDCAD has begun to climb back towards the 1.263 resistance line, which has represented a hurdle for buyers on previous occasions. Bullish sentient appears strong into the move. Momentum indicators have reflect the bullish sentiment, yet are approaching overbought conditions.

 

 

 

 

XAUUSD

XAUUSD continues to climb towards the 1860 resistance line, as bullish momentum begins to climb after a period of uncertainty. The trendline will remains as a key support level for the rally. Momentum indicators have upward trajectories, with MACD testing the zero line.

 

 

 

 

HK50

The HK50 index is climbing back towards a key resistance area at the 28,172 price line which represents a previous strong support level. In order to facilitate the break, strong bullish conviction will be required. Momentum indicators are reversing and have begun upward trajectories. 

 

 

 

 

JP225

The JP225 index has broken the 28,532 support level, as further confirmation of the longer-term bearish sentiment. Oscillations have typically only gone as far as the trendline which is a strong resistance zone. Further downside may be anticipated. Momentum indicators are bearish.