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.

Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 94,325.27 3.06%
ethereum
Ethereum (ETH) $ 3,249.95 3.52%
tether
Tether (USDT) $ 0.998808 0.08%
xrp
XRP (XRP) $ 2.18 3.21%
bnb
BNB (BNB) $ 643.37 3.63%
solana
Solana (SOL) $ 178.86 2.49%
dogecoin
Dogecoin (DOGE) $ 0.308481 4.12%
usd-coin
USDC (USDC) $ 1.00 0.02%
staked-ether
Lido Staked Ether (STETH) $ 3,244.17 3.51%
cardano
Cardano (ADA) $ 0.876412 3.29%
tron
TRON (TRX) $ 0.243027 1.41%
avalanche-2
Avalanche (AVAX) $ 36.12 4.31%
chainlink
Chainlink (LINK) $ 21.85 2.26%
the-open-network
Toncoin (TON) $ 5.36 0.24%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,868.27 3.18%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 93,935.17 3.01%
shiba-inu
Shiba Inu (SHIB) $ 0.000021 2.20%
sui
Sui (SUI) $ 4.28 3.70%
stellar
Stellar (XLM) $ 0.352129 1.25%
polkadot
Polkadot (DOT) $ 6.75 3.65%
hedera-hashgraph
Hedera (HBAR) $ 0.261831 2.46%
weth
WETH (WETH) $ 3,249.32 3.52%
bitcoin-cash
Bitcoin Cash (BCH) $ 439.82 3.85%
leo-token
LEO Token (LEO) $ 9.30 0.37%
hyperliquid
Hyperliquid (HYPE) $ 25.83 22.51%
uniswap
Uniswap (UNI) $ 13.68 0.41%
litecoin
Litecoin (LTC) $ 99.49 1.95%
pepe
Pepe (PEPE) $ 0.000018 0.42%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,428.66 3.57%
near
NEAR Protocol (NEAR) $ 5.00 1.68%
ethena-usde
Ethena USDe (USDE) $ 0.999761 0.00%
bitget-token
Bitget Token (BGB) $ 4.10 4.14%
usds
USDS (USDS) $ 1.00 0.33%
aptos
Aptos (APT) $ 9.03 5.34%
aave
Aave (AAVE) $ 313.02 3.76%
internet-computer
Internet Computer (ICP) $ 9.79 3.23%
crypto-com-chain
Cronos (CRO) $ 0.152281 4.13%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.467676 2.36%
mantle
Mantle (MNT) $ 1.16 2.73%
ethereum-classic
Ethereum Classic (ETC) $ 25.77 1.88%
vechain
VeChain (VET) $ 0.045073 1.50%
render-token
Render (RENDER) $ 6.95 3.28%
monero
Monero (XMR) $ 190.33 2.64%
whitebit
WhiteBIT Coin (WBT) $ 24.31 0.02%
mantra-dao
MANTRA (OM) $ 3.63 1.15%
dai
Dai (DAI) $ 1.00 0.04%
bittensor
Bittensor (TAO) $ 445.20 3.06%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.24 2.55%
arbitrum
Arbitrum (ARB) $ 0.736874 2.37%
ethena
Ethena (ENA) $ 1.02 2.26%