USDJPY (posted on: 2 February 2021)
Is it the right time to exit the long on USDJPY?!
Following our recent technical outlook on USDJPY (21st Jan 2021) , we saw a remarkably powerful impulsive move in USDJPY trading currently around 105 levels. We might be riding in a wave iii of a bigger impulse of wave 3 or it may be a wave C of an A-B-C correction of larger time frame. Both patterns do not show any sign of exhaustion in USDJPY although we might have some resistance at some level before resuming the upward trend towards 106-107 levels.
Resistance to watch out: 105.08/ 105.31/ 105.57 and 106.20.
A break of 106.2 will confirm wave iii of an impulse and we might see higher high towards 107-108 levels in the medium term.
USDJPY (posted on: 12 January 2021)
Important Support levels in the near term 103.60 followed by 103.30.
A break of 104.39 (previous high) can easily open doors towards 106-108 levels in the medium term.
USDCHF seems to be trading in an Inverse head and shoulder pattern. Next target levels will be 0.9030/40. Any dip around 0.8940/50 will be a good buy.
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