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CURRENCIES TECHNICAL ANALYSIS January.16

Euro

The EUR/USD had mixed trades on Friday. The currency pair stayed between 1.0650-1.0600 the whole day. Any attempt to leave the current range failed. The resistance is seen at 1.0650, the support stands at 1.0600.

We believe the downward scenario will remain intact in the short term. EUR/USD may extend its downward trajectory if it breaks below 1.0600. A close below the level may trigger losses towards 1.0550.

Pound

The bearish scenario remained intact on Friday. The cable stayed around 1.2200 during the day. Buyers’ attempts to retake the level failed, sellers always returned prices below the hurdle. The current resistance is seen at 1.2200, the support lies at 1.2100.

Buyers need to break above 1.2300 to erase their recent losses. The GBP/USD pair may recover to 1.2350. On the other hand a stronger dollar may extend its gains. The price shall soften to 1.2100 in this case.

Yen

The USD/JPY pair closed last week bearish. The spot stayed around 115.00 on Friday. A buyers’ attempt to retake 115.00 failed. Sellers pushed the pair below 115.00 and headed towards 114.00. The resistance is at 115.00, the support comes in at 114.00.

Sellers need to break below 114.00 to extend their gains. If the level stands a fresh buying interest will push USD/JPY to 116.00.

 

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