TECHNICAL ANALYSIS USD / JPY WEEKLY CHART (3 YEARS)
USD/JPY has established support around 107.47-108.15 after testing
the area since
mid-April 2017. The Slow Stochastic is also showing signs of bottoming and we are likely to see a continued upside to 114.36-49 (May/July 17 highs) where a break will open a medium-term upside to 118.35- 121.84 (consolidation area during 2015). Below 107.47 will delay immediate upside hopes.
AUD / USD WEEKLY CHART (3 YEARS)
AUD/USD completed a medium-term base in July formed since mid-2015. There is no significant resistance near by but slow stochastic is showing initial signs of stalling and this may lead to a short- term dip to .7500-.7700 area. However, there is plenty of support above .7416 uptrend and hence we see a resumption of
upside towards .8500-.8543
(Psychological figure / December 2014 high), possibly .8824 (October 2014 consolidation). A break below .7416 will be needed to avert upside hopes over the coming weeks and months.
MAJOR TRENDS AND TARGETS FOR US DOLLAR MAJORS 19 Sep 2017 EUR/USD GBP/USD USD/JPY AUD/USD
Current level 1.1958 1.3587
111.40 .8002
FX
Major trend UP UP Up UP
Major targets
1.2590 / 1.2747 1.4088 / 1.4566 118.35 / 121.84 .8500 / .8824
Trend change level 1.1434 1.2796 107.47 .7416
FX TRADER MAGAZINE October - December 2017 65
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