USDJPY Breaks Consolidation Channel

• 17 Nov 2021

USD/JPY

USDJPY buyers found support in yesterday’s trading with price action breaking through the upper bound at the 114.83 resistance level. The consolidation range had been held since the end of September. Momentum indicators are bullish with upward trajectories, however, RSI is fast approaching overbought conditions. 

 

 

 

 

 

GBP/USD

The GBPUSD pair is struggling to gain traction after an extended sell-off. Selling pressure remains despite price action reaching higher lows. Momentum indicators support bullish sentiment and are undergoing reversals from oversold conditions.   

 

 

 

 

EURUSD

The EURUSD has plunged further as bearish sentiment continues to drive price action in mid-week trading. A break of the 1.137 price floor indicate significant bearish conviction. Momentum indicators suggest that the sell-off will not last as the pair has moved beyond the 30 oversold line. 

 

 

 

 

USDCHF

USDCHF is fast approaching a recent price ceiling at the 0.933 price level. Support has been rising into the move which may suggest that conviction is strong enough to facilitate a break. Momentum indicators are bullish with MACD breaking the zero line to the upside, though, RSI is approaching the overbought line.

 

 

 

 

XAUUSD

XAUUSD has begun to pull back from the 1869 resistance line as bearish sentiment has return to the metal. The price line represents a previous support level of a consolidation range. Given the lack of bearish conviction, we may see price action float along this resistance zone in the near-term.   

 

 

 

 

USOUSD

The USOUSD has stalled at the lower bound of an established consolidation range between the 78.54 and 83.90 price levels. Doji candles suggest sellers have run out of steam and price action will remain within range. Momentum indicators have established downward trajectories. 

 

 

 

 

JP225

The JP225 index is testing a key resistance zone at the 29,819 price level which has proven a obstacle for buyers in recent trading. Selling pressure rises each time a test is made and currently buyers lack the appetite to overcome the resistance. Momentum indicators have flattened in bullish territory.