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CURRENCIES TECHNICAL ANALYSIS January.24

Euro

The pair was neutral on Monday. Buyers consolidated their gains after meeting an obstacle at 1.0750. The level rejected the spot which rolled to 1.0700. However, a fresh buying interest pushed the price upwards and the euro returned back to 1.0750 later the day. The resistance is seen at 1.0750, the support stands at 1.0700.

If a bullish tone persists we expect a breakout of the level 1.0750. The level 1.0800 is the next buyers’ target.



Pound

A fresh wave of the cable buying emerged during the early Asian session on Monday. The pound pushed away from 1.2400 and extended its gains afterwards reaching the level 1.2500 by the end of the day. The current resistance is seen at 1.2500, the support exists at 1.2400.

The GBP/USD may face a downward rejection around 1.2500. The pair is heavily overbought and we expect a downward correction based on profit-taking. In this scenario the spot may retreat to 1.2400. To extend its upward trajectory the cable needs to retake 1.2500.



Yen

The USD/JPY was neutral during the day. Buyers even made an attempt to reverse some losses and pushed the price to 114.00 where a fresh selling interest weighed on the US dollar dragging it downwards. The greenback sharply fell and broke 113.00. After breaking the level the pair continued weakening. The resistance exists at the level 113.00, the support comes in at 112.00

If a downward pressure persists the price will break 112.50 and will test 112.00.

 

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