USD/JPY Shows Impressive Downside Movements

USD/JPY

USD/JPY has showed impressive downside movements after failing to stabilize above 111.00 area, and it is currently trading below the 110.70-110.65 area, which became strong support.

USD/JPY Daily Chart

We will depend on trading below 110.70 to be bearish today, reinforced by the negativity on RSI although it didn’t hit the value of 50.00 yet.

We may use sell stop orders for subscribers below 109.80 to avoid corrective rallies.

Support: 109.80-109.40-108.90

Resistance: 110.30-110.70-111.05

Direction: Bearish below 109.80

USD/CHF

USD/CHF has moved to the downside with the European session opening. Of course, the range trading persists, but we can see how the pair started to respond to the overbought signal on RSI.

USD/CHF Daily Chart

We will watch out the price behaviors, but we will be bearish once USD/CHF succeeds in hitting 0.9880-0.9885 initial support zone.

On the upside, coming above 0.9970-0.9980 will make us ignore the aforesaid overbought signal.

Support: 0.9905-0.9880-0.9860

Resistance: 0.9980-1.0000-1.0060

Direction: Neutral, but bearish below 0.9880

EUR/USD

Euro traded bearishly, but near the support of 1.1125 – Fib. of 61.8% – and we should see stability below this level to see a bearish attempt on 1.1070.

EUR/USD Daily Chart

The negativity increased on moving averages and ADX, although RSI trades within sideways manner below 50.00.

That is why we need a break below 1.1125.

Support: : 1.1100 – 1.1070 – 1.0990

Resistance: 1.1170 –1.1200 – 1.1220

Direction: Bearish

GBP/USD

GBP/USD has moved below 1.4500 – Fib. of 38.2% – as seen on the provided 4-hour chart.

GBP/USD Daily Chart

ADX is negative, while moving averages overlaps bearishly. Hence, we remain bearish, but due to trading near 30.00 levels, we should witness a breakout below 1.4435 to affirm the scenario.

Support: 1.4600 – 1.4550 – 1.4500

Resistance: 1.4680 – 1.4725 – 1.4775

Direction: Bearish below 1.4600

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