EUR/JPY

ftu_060710_eurjpya

  • 4H and 15min: The 4H chart shows the EUR/JPY pressured, breaking below support near 109. This break is still naked or unconfirmed.
  • The RSI is in oversold territory but is very bearish. When the market resolves the OS condition in the 4H time-frame, we may continue the down move.
  • The target using measured moves projected to the most recent downswing attempt aims at an area between 104.15 and 104.50.
  • The 15-min chart shows the market start the week with a gap, filled the gap, but the downtrend continued after the filling.
  • A negative reversal is developed. If topped off, and downtrend continues, a short-term target can be 107.

AUD/JPY

ftu_060710_audjpy

  • 4H and 15min: The AUD/JPY is similar to the EUR/JPY at the moment, although we are still above the recent low near 72.60.
  • The 4H chart shows negative reversal target near 66.75.
  • The 15-min chart shows the negative reversal in the near-term as well, suggesting a swing towards the 72.60 low.
  • If that low breaks, the market can go further lower towards 66.75.

USD/CHF

ftu_060710_usdchf

  • 4H and 15min: The 1.17 resistance is strong, and the market appears to be respecting it for now. The market may continue to consolidate. The 1.1450 level is the support of a channel. The market confirms a top if it breaks below 1.1450, and can target 1.1250.
  • RSI shows bearish divergence in the 4H, although positive reversals have been appearing and the market continued to edge slightly higher.
  • If 1.1671 breaks, we can continue to test the 1.17 high.
  • These are the pairs I am trading and will keep track of it in the Forex Trader's Journal. The first journal entry so far has been posted here.

  Fan Yang Currency Analyst Commodity Trading Advisor

Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analyses.

All screenshots are made from VT Trader 2.0 and are of actual market data at the time of the screenshot.