A death cross formation, represented by the 50-and 200-EMA, signals a sheer downside ahead. (Pivot Orderbook analysis)
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- A death cross formation, represented by the 50-and 200-EMA, signals a sheer downside ahead.
- An upbeat risk impulse has underpinned the Japanese yen bulls.
- The RSI (14) has shifted into the bearish range, which indicates more weakness ahead.
The pair currently trades last at 141.76.
The previous day high was 146.59 while the previous day low was 141.2. The daily 38.2% Fib levels comes at 143.26, expected to provide resistance. Similarly, the daily 61.8% fib level is at 144.53, expected to provide resistance.
The USDJPY pair has turned sideways after a rebound move from around the psychological support of 140.00. The rebound move seems to lack confidence as the risk-on impulse is extremely solid after a sheer downside in short-term US inflationary pressures.
Meanwhile, the US dollar index (DXY) is hovering around its intraday low at 108.10 as the upside has been capped amid falling bets for the continuation of bigger rate hike announcements by the Federal Reserve (Fed).
On a four-hour scale, the asset has witnessed a short-term recovery after testing the horizontal support placed from September 22 low at 140.35. A death cross formation, represented by the 50-and 200-period Exponential Moving Averages (EMAs) at 146.00 indicates more weakness ahead.
The Relative Strength Index (RSI) (14) has shifted into the bearish range of 20.00-40.00, which indicates that the downside momentum is active.
Should the asset drop below September 22 low at 140.35, the Japanese yen bulls will further drag the asset towards August 30 high at 139.08, followed by August 23 high at 137.71.
On the flip side, a decisive break above Wednesday’s high at 146.80 will drive the asset towards Monday’s high at 147.57 and October 31 high at 148.85.
Technical Levels: Supports and Resistances
EURUSD currently trading at 141.76 at the time of writing. Pair opened at 141.23 and is trading with a change of 0.38 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 141.76 |
| 1 | Today Daily Change | 0.53 |
| 2 | Today Daily Change % | 0.38 |
| 3 | Today daily open | 141.23 |
The pair is trading below its 20 Daily moving average @ 147.57, below its 50 Daily moving average @ 145.42 , above its 100 Daily moving average @ 140.73 and above its 200 Daily moving average @ 132.62
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 147.57 |
| 1 | Daily SMA50 | 145.42 |
| 2 | Daily SMA100 | 140.73 |
| 3 | Daily SMA200 | 132.62 |
The previous day high was 146.59 while the previous day low was 141.2. The daily 38.2% Fib levels comes at 143.26, expected to provide resistance. Similarly, the daily 61.8% fib level is at 144.53, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 139.42, 137.62, 134.03
- Pivot resistance is noted at 144.81, 148.39, 150.2
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 146.59 |
| Previous Daily Low | 141.20 |
| Previous Weekly High | 148.85 |
| Previous Weekly Low | 145.67 |
| Previous Monthly High | 151.94 |
| Previous Monthly Low | 143.53 |
| Daily Fibonacci 38.2% | 143.26 |
| Daily Fibonacci 61.8% | 144.53 |
| Daily Pivot Point S1 | 139.42 |
| Daily Pivot Point S2 | 137.62 |
| Daily Pivot Point S3 | 134.03 |
| Daily Pivot Point R1 | 144.81 |
| Daily Pivot Point R2 | 148.39 |
| Daily Pivot Point R3 | 150.20 |
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