Breakaway Gap Pulls JP225 Out Of Trading Range

• 1 Nov 2021

USD/JPY

The USDJPY pair looks set to continue oscillating within the 113.21 and 114.38 price levels as the range has contained price action in recent trading. Another test of the 114 ceiling appears to be imminent but the current lack of conviction from buyers makes a break appear unlikely.  

 

 

 

 

GBP/USD

The GBPUSD pair continues to oscillate lower, with subsequently lower highs on each oscillation. A moderate downtrend is established yet, price action has so far failed to break out of the current range with a price floor at the 1.3617 price level. Momentum indicators have turned bearish. 

 

 

 

 

EURUSD

The EURUSD sell-off in the previous trading session was halted at the 1.153 support line. This price floor has held despite several recent tests. In the current trading session price action has pulled away from the support line indicating it may remain intact. Momentum indicators remain bearish. 

 

 

 

 

USDCHF

The USDCHF has rebounded from the ascending trendline which has been acting as support since the beginning of June. Given the current conviction displayed by buyers acts as a further confirmation of the established uptrend. Momentum indicators are recovering from oversold conditions.     

 

 

 

 

XAUUSD

XAUUSD has rejected the descending trendline reflecting low bullish conviction in the rally. Sellers have begun to return at this resistance level and the commodity may now float lower, trading the trendline. Momentum indicators have stalled in bullish territory.   

 

 

 

 

ASX200

The ASX200 appears to have entered into a downtrend as several tests of the descending trendline have resulted in price action pulling back. Buying activity remains elevated as signaled by the long lower shadows. Momentum indicators highlight bearish sentiment and have begun downward trajectories.  

 

 

 

 

JP225

The JP225 has seen a breakaway gap pull the index out of the most recent trading range, breaking through the key resistance level at the 29,371 price line and signaling strong bullish momentum in the move. A target exists at the 30,622 price ceiling. Momentum indicators reflect bullish sentiment with MACD testing the zero line.