Testing level for USDJPY

USDJPY: (90.85)

USDJPY is gathering momentum into its upward trend and is approaching and important resistance at 91.05 level. This a good resistance in weekly charts are well. Also if we see the downward channel of USDJPY, we will see that the same level almost is the top of that channel so it will be a testing one. We might see USDJPY taking a dip from that level so aggressive traders might look to sell USDJPY based on that observation.

If USDJPY managed to break 91.05 level, then the next resistance will be around 91.75 level and also USDJPY will confirm the long-term upward trend. And some traders might look to buy USDJPY on break of 91.05 level. Conservative traders will like to hold back till USDJPY makes it moves and then enter the market with the trend.

GBPUSD moving sideways

 GBPUSD: (1.5680)

GBPUSD seems to stuck in a sideways trend and GBPUSD is currently looking to move above 1.5700 level and we might see it making it towards 1.5750 and then falling again. We might see intra-day traders looking to sell GBPUSD around 1.5750 level with a small stop and targeting a decent intra-day trade.

TRADE:

Sell GBPUSD @ 1.5745 for Profit Level @ 1.5645 with Stop @ 1.5785 level. 

EURUSD looking to continue its momentum

EURUSD: (1.3572)

EURUSD is moving in a nice downward trend broker below 1.3600 level as expected. The trend seems to carry on in the next week as well but we might see some retrace by EURUSD and traders will be looking to enter the market once EURUSD rise to levels around 1.3630 level. The retracement can extend to 1.3735 but overall the downward trend is looking good for next week as well. RSI is although a bit on lower side but retracements by EURUSD is allowing it to open up enough each time to have create enough space for EURUSD to take a dip. RSI seems to have enough to make it to 1.3430 during next week.

TRADE:

Sell EURUSD @ 1.3630 and Sell again @ 1.3735 (If required) for Profit Level @ 1.3430 with Stop @ 1.3800 level.

EURUSD looking to resume trend

EURUSD: (1.3743)

EURUSD touched 1.3800 during retracement as discussed in our last report and as expected, it is looking to get back into its downward trend and head towards 1.3600 level, break of which will set 1.3450 as next target for EURUSD. RSI has also opened up after some retracement by EURUSD and it seems that it is all set to resume its trend. For those trades who missed on selling EURUSD just above 1.3800 level, they might get another chance before EURUSD takes a dip.

TRADE:

Sell EURUSD @ 1.3800 for Profit Level @ 1.3600 with Stop @ 1.3900 level.

EURUSD taking retracement

EURUSD: (1.3710)

EURUSD is taking some retracement after taking a good dip below 1.3600 level and we might see EURUSD making another move towards 1.3600 during this week but before doing so, we might see EURUSD heading towards 1.3800 level to take its retracement. RSI is also on the lower side and is pushing EURUSD upwards so some retracement was due. Once EURUSD completes its retracement, we might see another sharp dip by EURUSD. Currently a good selling level can be seen just around 1.3800 level.

TRADE:

Sell EURUSD @ 1.3800 for Profit Level @ 1.3600 with Stop @ 1.3900 level.

GBPUSD due for a breather

GBPUSD: (1.5784)

GBPUSD is taking a good dip as anticipated and this dip seems to continue but for the time being we might see some retracement by GBPUSD because it has reached an important level 1.5750 in weekly charts and also the RSI is on the lower side, so it will also be pushing GBPUSD upwards. We might see GBPUSD taking retracement towards 1.5875 level. If GBPUSD takes retracement towards 1.5875 level, we might see some good selling once again.

TRADE:

Sell GBPUSD @ 1.5875 for Profit Level @ 1.5750 with Stop @ 1.5930 level. Profit target can be extended to 1.5600

   

USDJPY taking a breather before resuming its downwards trend

USDJPY: (90.29)

USDJPY is taking some retracement at the moment and it seems to be setting itself up for a nice extended dip towards 88.50 level and mostly traders will look to sell USDJPY on decent levels to capture the move. Currently a good selling level can be seen just around 90.55 level and we might see USDJPY touching that level couple of times before taking a dip towards 89.00 level. If the upward move is extended above 91.00 level, then a good weekly resistance is present at 91.05 and sell USDJPY for a second entry around that level can be a good option for a bit aggressive traders.

TRADE:

Sell USDJPY @ 90.55 and Sell again (if required) at 91.05 for Profit Level @ 89.30 with Stop @ 91.40 level. Profit target can be extended to 88.30