Forex analytics and overview

Dollar, Yen Forex Pairs Likely to Be Stuck in Sideways Trends Through the Summer

2023.04.12 04:05

Jason Sen

movement today hinges on the release of course. The pair is in a 6-month bull trend but having failed to beat the 100 week, 500-day moving averages & the January high it is looking increasingly like we are establishing a 500 pip sideways channel as the moving averages flat line on the daily chart.

Today we test 2 month trend line & 100 week plus 500-day moving average resistance at 1.0940/60. Shorts need stops above 1.0980. A break higher should be a buy signal initially targeting the February high at 1.1033.

Shorts at 1.0940/60 can target 1.0900 then 1.0870.

beat the December & January peaks of 1.2425/45 on Tuesday which I had to assume was an important buy signal.

I was wrong!! Having failed, it looks like we remain in a 4 month sideways pattern. The pair should have support again at 1.2365/45.  Longs need stops below 1.2335. A break lower can target 1.2300 & 1.2250.

Trend line resistance at 1.2510/30. Shorts need stops above 1.2545.

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