ZuluTrade Blog

USDJPY: Intraday Technical Outlook

Market View | Wednesday, July 19, 2017 4:26 AM GMT

Following up yesterday’s post, the pair is following our trading plan. It almost reached 50% Fibonacci level and completed the ABCD pattern. It is currently bouncing towards the channel (C1) and the major intraday resistance of 38% Fibonacci level. The intraday downtrend remains intact and setbacks could be selling opportunities for the bears as noted in the below chart. If the price follows the seven swing highs and lows pattern, then we are expecting a new low close to 127% Fibonacci extension. A bullish breakout of 38% level, it will negate the short-term selling pressure and buyers will target the 200 SMA.

Today's news-agenda includes US Housing Starts Change (Jun) (Previous: -5.5%, Forecast: 6.2%), US Building Permits (MoM) (Jun) (Previous: 1.168M, Forecast: 1.200M) and US EIA Crude Oil Stocks change (Jul 14) (Previous: -7.564M, Forecast: -3.214M)


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