USDJPY Review

USDJPY is taking some correction after having a good downward trend. The upward move by USDJPY can be an extended one because it was moving downward with with small retracements and therefore generally was looking for an extended one. Also the RSI is on the lower side around 35 in both daily and weekly charts and is looking to push USDJPY upwards.


The main level currently targeted by USDJPY is 90.50, break of which will set 91.50 as next target. On the lower side, USDJPY seems to have potential to drop to 88.50 level.


We might see traders looking to both buy and sell USDJPY at reasonable levels and thus might not see a clear breakout by USDJPY any time soon.

Currency Review GBPUSD

GBPUSD seemed to be setting itself for a nice dip below 1.6200 level.

Selling GBPUSD around 1.6400 level seems a good option for targets
below 1.6200 level. In case GBPUSD breaks towards 1.6450, reversing
the position for 1.6600 will be the solution.

Currency Review (GBPUSD)

GBPUSD has settled in downward trend but looking into other currencies
like EURUSD, it can be seen that trading volume in crosses is much
more than normal volume.

On the lower side 1.6150 seems a strong support at the moment and we
have already seen couple of rise from that level. Break of 1.6150 will
see GBPUSD moving below 1.6000 level.

On the upper side 1.6450 is an important level. Break of that level
will confirm upward trend.

So we might see trading selling GBPUSD on rise during this week.