JP225 Tests Key Support Level

• 30 Sep 2021

USD/JPY

The USDJPY pair has surged towards the 111.92 price level, as bullish sentiment has grown considerably resulting in buyers dominating the last 5 trading sessions. Sellers appear to have returned in the early Asian trading session and it remains to be seen whether this is the start of a price reversal. 

 

 

 

 

GBP/USD

The GBPUSD pair has stalled after a significant sell-off in the last two trading sessions. Buyers appear to have recovered at the 1.341 support line, however, a new trading range may now have been established between this support level and a previous lower bound at the 1.361 price line.  

 

 

 

 

EURUSD

The Eurodollar has broken several support lines and a strong sell-off in yesterday’s trading has the pair now testing the 1.160 price level. Buyers appear to have awakened at this price point. Momentum indicators are also testing the oversold line and therefore a reversal could be on the cards. 

 

 

 

 

USDCHF

The USDCHF has found support in mid-week trading and as a result has returned to the 0.935 resistance line. Selling pressure appears to have risen moderately which is impacting the pair’s ability to truly test the price line. Momentum indictors confirm that bullish momentum is waning; stalling just below overbought levels.

 

 

 

 

XAUUSD

XAUUSD continues to be dominated by a bearish bias, which has led to a test of the 1728 support line. The test has resulted in the return of buyers, however, rally attempts have so far been short-lived and significant conviction will be required to alter the longer-term trajectory.  

 

 

 

 

USOUSD

USOUSD has pulled back from the 75.74 price ceiling, yet the bearish move has been unable to break the 73.50 support level so far, as buying activity still dominates the commodity. As such, price action may now consolidate within the current trading range.   

 

 

 

 

JP225

The JP225 downtrend has begun to accelerate in recent trading which has taken the index to test the 29,371 support level. Price action has been oscillating in the current consolidation channel since the beginning of the month a break would signal strong bearish conviction.