USDJPY: The strength of the market faded.

May 23, 2016

Article by ForexTime

EURUSD H4
Resistance 1.1238 1.1258 1.1279
Support 1.1197 1.1176 1.1156
Primary Scenario EURUSD bounced up from the previous bottom and is now testing the hurdle at 1.1238. A successful attempt to penetrate this level will most likely trigger the market to hit the forthcoming resistance at 1.1258.
Alternative Scenario A reversal back below the daily pivot point (1.1217) will push prices to find support at 1.1197.

GBPUSD H4
Resistance 1.4575 1.4657 1.4702
Support 1.4447 1.4402 1.4320
Primary Scenario The pair has finished its correction course and is now trading below the daily pivot at 1.4530. A failed attempt to move above this level will lead the exchange rate in deeper correction, targeting the support at 1.4447.
Alternative Scenario Alternatively, a surge of GBPUSD above the daily pivot, will lift the market towards 1.4575.

USDCHF H4
Resistance 0.9917 0.9937 0.9947
Support 0.9886 0.9875 0.9855
Primary Scenario USDCHF topped up at 0.9926, before closing below the daily pivot at 0.9906. A drop of the market below the key support at 0.9886 will open the way down to 0.9875.
Alternative Scenario A higher thrust of the market above the daily pivot will fuel the pair towards the resistance level at 0.9917.

USDJPY H4
Resistance 110.11 110.57 110.94
Support 109.63 109.28 108.94
Primary Scenario The strength of the market faded. If the pair manages to withstand the sellers’ pressure, it will climb towards the resistance at 110.11 and then higher at 110.57.
Alternative Scenario On the other hand, a break back below the support at 109.63 will open the way down to 109.28.

AUDUSD H4
Resistance 0.7242 0.7264 0.7280
Support 0.7204 0.7189 0.7167
Primary Scenario AUDUSD has just cleared the barrier at 0.7242 and is now poised to test the next level at 0.7264. A successful penetration of this level will lead the pair higher towards 0.7280.
Alternative Scenario A setback of the exchange rate below the now-support at 0.7242 will push the pair down to the daily pivot point (0.7226).

 

Article by ForexTime

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