Technical analysis of USD/JPY for June 30, 2017

Forex analysis review
Technical analysis of USD/JPY for June 30, 2017

GBP/USD approaching major resistance, prepare to sell

Price is approaching major resistance at 1.3044 (Fibonacci extension, horizontal swing high resistance) and we expect a major reaction off this level for a drop to at least 1.2935 (Fibonacci retracement, Elliott wave theory) which needs to be broken to confirm a major drop.

Stochastic (34,5,3) is testing 96% resistance and price is definitely in strongly overbought territory.

Sell below 1.3044. Stop loss at 1.3081. Take profit at 1.2935.

analytics59567072cd3cc.png

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

USD/CAD approaching major support, prepare to buy

Price is dropping strongly towards major support at 1.2966 (multiple Fibonacci extensions, horizontal swing low support, Elliott wave theory) and we expect a bounce above this level to at least 1.3164 resistance (Fibonacci retracement, horizontal pullback resistance).

Stochastic (34,5,3) is seeing major support above 1% where we expect a bounce from.

Buy above 1.2966. Stop loss at 1.2893. Take profit at 1.3164.

analytics59566fc70f145.png

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

USD/JPY profit target reached perfectly, remain bullish for another bounce

Price has risen perfectly to our profit target before retracing back down. It is now on a good entry level and good support and we look to buy above 111.94 (Fibonacci retracement, horizontal overlap support) for a push up to 113.06 resistance (Fibonacci retracement, Fibonacci extension, horizontal pullback resistance).

RSI (34) remains above its support at 52% and we remain bullish on price as long as it holds above this level.

Buy above 111.94. Stop loss at 111.40. Take profit at 113.06.

analytics59566fa720152.png

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

AUD/USD now testing major resistance, prepare to sell for a drop from here

Price is approaching major resistance at 0.7697 (multiple Fibonacci extensions) and we expect a strong reaction off this level for a drop to at least 0.7634 support (Fibonacci retracement, horizontal pullback support).

Stochastic (34,5,3) is seeing strong resistance below 93% where we expect a strong drop from.

Correlation analysis: AUD/USD and NZD/USD are both expecting drops today.

Sell below 0.7697. Stop loss at 0.7725. Take profit at 0.7634.

analytics59566f83288ab.png

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