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PremiumAlthough with weak US job report announced this week, DXY managed to sustain above 103 level. Head & Shoulder chart patterns occurred in GU daily chart, forecasting GU would reach next lower low ahead.
DXY stands firmly above 103 level, and expecting to rise further. Furthermore, with weak JPY momentum, expecting USDJPY back to 151.000 level. S1- 145.730 S2- 145.000
With BOJ ultra loose monetary policy, JPY value looking to depreciate overtime in long term. Recently, with the news of Fukushima radioactive water release into the Pacific Ocean announced by Japanese government believe would be impact Yen, and making JXY value expect to fall as faster than expected.
DXY stand firmly above 103 level, however pullback to below 104 level this week. Expecting DXY would reach 105.50 level soon with current strong dollar buying momentum. However, DXY price may pullback to 103 support level next week.
We foresee CHF would continue to shine brightly against JPY. However, with recent market sentiment, the momentum in shorting JPY is getting weak. CFTC report showing that shorting volume on JPY is on the decline since 18JUL. Shorting JPY become a risky trade when the outlook is turning from strong sell to neutral. CHFJPY next retracement level at S1-...
(Daily chart) DXY broke and closed above MA200 resistance level. Despite short term pullback may exist next week and make DXY fall below 103 support level, we foresee market buyer willing to collect and supporting its price to above 103.
JXY index fall tremendously last week, greater than our expectation. Indicating weak buying sentiment at JXY previous support level at 69.00. However, although we're expecting JXY will hit further lows in long term, next week may have a small bull(short term bullish outlook) on JPY against other currencies.
After EURJPY breaking through strong resistance at 158.000, foresee market would agree its price continue breaking higher highs. However, JXY seems to have pull back next week, buyer would start collecting Yen at JXY support price, expecting EURJPY would fall to below 158.000 zone in short term. 170.000 next?
DXY face challenge to break through 103.000 resistance level, GOLD price foresee to take a breath next week from being short by market seller. S- 1893.34 R1-1910.93 R2-1937.61
JXY reaching 69.00 support level at 69.00, Yen buyer may start collect yen for short term pull back before JXY testing the next low. JXY seems able to take a breath ahead next week.
Dollar picked up by market buyer after CPI report announced last week. Pinbar occurred when DXY index drop to H4 MA200 support curve at 101.37, indicating DXY bull run still on-going. However, DXY face the next challenge resistance at 103.00 price point(Daily chart). Foresee pull back ahead after reaching 103.000, and USD may confront selling pressure next week.
GBPJPY has a 500 pips daily movement in just a day! Once failing to support at 179.909, its price dropped to lowest at 176.327. However, market buyer collected and support its price to 181.361. Indicating bull run for GBP against JPY has begin
Japanese Yen gains 200 Pips against Dollar USD after July 2023 FOMC meeting, however market see turning point at support 137.923. Indicating USD bull run is begin against JPY.
Would Japanese Yen Index continue making new lows in order for other currencies to break new highs?
R2- 1984.62 R1- 1963.72 S- 1937.61
After breaking strong resistance at 139.422, market trying to accept UJ new support price at 139.422. Next resistance level would be 140.906. Would UJ uptrend lasts before FOMC meeting next week at JULY 26?
(H4 chart) Major support- 179.909 Resistance 1- 182.120 Resistance 2- 184.000 www.tradingview.com
Major resistance- 161.644 Major support- 158.447