Technical analysis of USD/JPY for June 23, 2017

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We will retain our yesterday's target of USD/JPY. Although the pair posted a rebound and broke above the 50-period moving average, it is still trading below the key resistance at 111.45 (the low of June 22), which should limit the upside potential. The relative strength index is mixed with bearish bias.

Hence, as long as 111.45 is not surpassed, look for a further drop to 110.80 and even to 110.60 in extension.

Alternatively, if the price moves in the opposite direction as predicted, a long position is recommended above 111.45 with targets at 111.75 and 112.10.

Chart Explanation: The black line shows the pivot point. The present price above pivot point indicates the bullish position while the price below pivot point indicates the short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Strategy : BUY, Stop Loss: 111.15, Take Profit: 112.10

Resistance levels: 111.75, 112.10, and 112.50

Support levels: 110.85,110.60, and 110.35

The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/CHF for June 23, 2017

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Our USD/CHF yesterday downside target has been hit. It is still expected that pair will move further downward, and we are going to keep our downward target at 0.9680. The pair is capped by a bearish trend line since June 20, which confirmed a negative outlook. The relative strength index is bearish and calls for a further downside.

On the economic front, The U.S. Labor Department reported that initial jobless claims increased 3,000 to a seasonally adjusted 241,000 in the week ended June 17, compared with 240,000 expected.

To sum up, as long as 0.9750 is not surpassed, look for a new decline to 0.9680 and even to 0.9655 in extension.

Graph Explanation: The black line shows the pivot point, present price above pivot point indicates the bullish position and below pivot points indicates the short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Strategy: SELL, Stop Loss: 0.9725, Take Profit: 0.9680

Resistance levels: 0.9750, 0.9770, and 0.9790

Support levels: 0.9680, 0.9655, and 0.9600

The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of GBP/JPY for June 23, 2017

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GBP/JPY is expected to trade in a higher range as bullish bias remains. The pair posted a rebound and broke above both 20-period and 50-period moving averages. The relative strength index lacks downward momentum. The downside potential should be limited by the key support at 140.85.

Therefore, as long as this key level holds on the downside, look for a new upside to 142.30 and even to 142.70 in extension.

Alternatively, if the price moves in the opposite direction as predicted, a short position is recommended below 140.85 with the target at 140.40.

Chart Explanation: the black line shows the pivot point. The price above pivot point indicates the bullish position and when it is below pivot points, it indicates the short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Strategy: BUY, Stop Loss: 140.85, Take Profit: 142.30.

Resistance levels: 142.30, 142.70, and 143.45

Support levels: 140.40, 139.80, and 139

The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of NZD/USD for June 23, 2017

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We will retain our NZD/USD Yesterday's target, pair moved upward and we are looking for the upside target of 0.73. The pair is trading above the rising 50-period moving average, which plays a support role. The relative strength index stands firmly above its neutrality level at 50. The downside potential should be limited by the key support at 0.7240.

Hence, as long as this key level is not broken, a further rebound to 0.7300 and even to 0.7350 seems more likely to occur.

Strategy: BUY Stop Loss: 0.7240. Take Profit: 0.7300

Chart Explanation: The black line shows the pivot point. Currently, the price is above the pivot point which indicates the bullish position. If it is below the pivot points, it indicates the short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Resistance levels: 0.7300, 0.7320, and 0.7355

Support levels: 0.7210, 0.7195, and 0.7160

The material has been provided by InstaForex Company - www.instaforex.com