News & Analysis

Eightcap Forex technical insights – 23/01/18

Jan 23, 2018 | Forex News

Post Bank of Japan we saw some strong moves on the Japanese Yen to the majors. The USD has also fought back sending the main risk pairs lower after yesterday’s highs. The USD looks to be making a stall after some solid loses.

AUDUSD – AUDJPY strong moves this week, things turned late afternoon. The A/$ turned after beating yesterday’s high the start of a previous resistance area from 80.28 – 80.57. The A/J looked set to break through 89 this morning,a level that been holding buyers back since the 22 of September 2017. After a brief test of 89.06 sellers took old knocking price back to 88.10. The only key driver being the BOJ holding action as expected. The A/$ has broken it’s short-term trend line, potential support seen from .7940 – .7955.

EURJPY followed the other majors lower, losing 61 pips after breaking above 136.15, a break below 135.15 puts pressure on the range low and could set up a new leg lower.

USDCAD is posting its second rally this week, climbing by 42 pips. Sellers failed to break 1.2430 in yesterday’s session reconfirming this level as support. Buyers have failed to close above 1.2487. While the current support looks strong we would like to see buyers break resistance to give this attempt merit.

Good trading from Eightcap

Sources –

* The information provided here has been prepared by EightCap’s team of analysts. All expressions of opinion are subject to change without notice. Any opinions made may be personal to the author and do not reflect the opinions of EightCap.

In addition to the disclaimer on our website, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. EightCap accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication.

Please note that past performance is not a guarantee of or prediction of future performance. This communication must not be reproduced or further distributed without prior permission.

Follow Us