The USDJPY pair has surged passed the 119.19 price level as buyers appear to have found support in mid-week trading. Given how strongly overbought the pair is, there is a high probability of at least a pullback in the near-term. RSI has moved well beyond the 70 resistance line.
The GBPUSD pair looks set to consolidate within the 1.310 and 1.320 price levels. A doji candle in yesterdays trading signaled the stall of bullish moves and since, sellers have returned. Momentum indicators are flat-lining in bearish territory.
The EURUSD has rejected the 1.113 resistance line and sellers have returned to take price action back towards the mid-range of the channel. Oscillations within this consolidation channel will likely continue going forward. Momentum indicators have flattened in bearish territory.
The USDCHF buyers have found support and price action is now headed back towards the 0.936 resistance line. This price level is significant as it has represented an obstacle for buyers in the past. Momentum indicators remain bullish and RSI is approaching overbought conditions once again.
The USDCAD has broken the ascending trendline, which is significant considering this support level has held since the beginning of October 2021. Doji candles signal a slowdown in the bearish move and therefore price action may start to flatten out.
The USOUSD has returned to a gap fill line at the 112.90 price level where price action previously spiked up to new recent highs. A break of this resistance level conveys strong bullish momentum. So far the move has seen strong buying activity so the series of resistance levels is likely to cause a deceleration.
The JP225 has stalled at the 27,500 resistance line as a doji candle in yesterday’s trading signaled a reversal. Longer-term sentiment remains bearish with the ascending trendline holding since September 2021. Momentum indicators have upward trajectories though are beginning to flatten.