Fundamental Analysis

USDJPY breaches 110.00 & Strikes to Overbought

USDJPY, H1, H4 & Every day

The Greenback bid continued throughout the board at this time with EURUSD beneath 1.1300, Cable briefly beneath 1.2900 earlier than discovering help and USDJPY the largest mover (zero.49%) over the important thing 110.00 zone.  The Yen has been buying and selling softer versus most different currencies, not helped by the by the absence of Tokyo markets, closed at this time for a public vacation in Japan.

The USDJPY, H1 chart moved into the overbought zone (Stochastic at 89+ and RSI 74+). With the robust breach of 110.00 (R2), the rally broke R3 at 110.10 and topped at 110.276 for a brand new 2019 excessive. The H4 chart reveals the clear breach of the 110.00 resistance zone that proved so resilient final week. Resistance now turns into Help at 110.10-00. The day by day chart reveals subsequent Resistance at 110.40, the 50-day transferring common and the higher Bollinger band and the important thing 200-day transferring common and psychological 111.00 zone. The pair broke the 20-day transferring common February 2 and has key help at 108.95, the highest of the earlier consolidation zone.

Stuart Cowell

Head Market Analyst

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Earlier articleWill the EURUSD Downtrend Proceed?

With over 25 years expertise working for a bunch of worldwide acknowledged organisations within the Metropolis of London, Stuart Cowell is a passionate advocate of retaining issues easy, doing what’s possible and understanding how the information, charts and sentiment work collectively to supply buying and selling alternatives throughout all asset courses and all time frames.

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