Market Update – September 16
Market Update – September 15
September 15, 2020
Market Update – September 17
September 17, 2020
USDSEK 4 HOUR
USDSEK dipped to 8.6844 on on 9/10 before turning up. I’m viewing that low as a ‘higher low’ within the bullish cycle from the 9/1 low. Price closed slightly above channel resistance from the March high today. Strength above 8.8050 would complete a head and shoulders bottom and set an objective at 9.0150.
9/9 – USDSEK continues to trade beautifully from a technical perspective. Channel resistance from the March high was precise resistance, along with the median line from the short term bullish fork. 8.69-8.71 is proposed support for a higher low.
USDJPY 4 HOUR
USDSEK dipped to 8.6844 on on 9/10 before turning up. I’m viewing that low as a ‘higher low’ within the bullish cycle from the 9/1 low. Price closed slightly above channel resistance from the March high today. Strength above 8.8050 would complete a head and shoulders bottom and set an objective at 9.0150.
9/9 – USDSEK continues to trade beautifully from a technical perspective. Channel resistance from the March high was precise resistance, along with the median line from the short term bullish fork. 8.69-8.71 is proposed support for a higher low.
USDJPY 4 HOUR
USDJPY has credibly broken the line off of the 7/31 and 8/28 lows. The top side of this line is proposed resistance at 105.80/90 (top of the zone is also the month open). An eventual downside level of interest on a break is the lower parallel from the channel off of the March high in the low 102.00s (3/9 close at 102.43 is of particular interest).
9/14 – USDJPY continues to drift lower with the 25 line from the channel off of the March high providing resistance and action since 7/31 may be a bearish triangle that leads to the next downside move. Weakness below 105.10 would increase confidence in that outcome. In the meantime, pay attention to 106.00 for resistance.
EURJPY HOURLY
EURJPY is carving a possible topping pattern since the 8/13 high and a short term bearish fork is in play. The 25 line is proposed resistance near 125.15. A break below 124.44 would complete the topping pattern and set a measured objective at 121.80. Price has also run into a clearly important long term level (see below).
EURJPY WEEKLY
AUDJPY 4 HOUR
Bottom line, a drop below 76.80 would constitute a bearish break of the channel from the 6/12 low in AUDJPY. I’d be looking for a full retracement of the rally from 6/12 (back to 72.50) and probably the top side of the line from the 2118 high (magenta line) near 71.70.
9/8 – AUDJPY rolled over just shy of the noted 6 year trendline. Price is testing a massive level now from former resistance and a short term channel. A break below would in effect leave a failed breakout. Failed moves lead to fast moves and I’d be looking for 72.50/80 at that point. If price bounces here then watch for 77.10 resistance.
GBPJPY HOURLY
Pay attention to the line off of the 5/18 and 6/29 lows in GBPJPY for resistance. The line is about 137.25, which is also the 200 day average (not shown). A downside level of interest is 131.80/90 (June low and January 2019 flash crash low).
