Is The Japanese Yen Making A Recovery?

• 27 Mar 2018

NZD/USD

The NZD/USD pair has entered into a descending triangle with progressively lower highs and a few tests of the bottom support line. MACD has simultaneously broken the zero line to the downside. If price action rejects the upper trend line, the 0.718 price line will be a target once again for sellers.

GBP/USD

Strong bullish moves from the British Pound may come to an end as the GBP/USD has reached a statistical extreme. The pair has reached the space between the 2 and 3 standard deviation Bollinger bands, which represents a high probability for reversal. At the same time, RSI has hit the 70 resistance line.

EUR/JPY

The EUR/JPY pair is testing the high price SMA to the upside with momentum indicators supporting bullish momentum. RSI has an upward trajectory and MACD is beginning a momentum reversal.

AUD/JPY

The AUD/JPY pair is recovering from a significant sell-off and is now testing both the 23.6 Fibo level and the 81.73 price line. MACD remains in bearish territory and RSI has stalled below the 50 default line, indicating the bullish reversal may be short-lived and the previous downtrend may continue.