The USDJPY heads towards more bearish correction – Analysis - 23-09-2022
The USDJPY pair tested the key resistance 142.55 and found solid barrier there, to hint heading to achieve more bearish correction in the upcoming period, waiting to test 140.50 initially, noting that breaking this level will push the price to 138.80 as a next correctional level.
Therefore, the bearish bias will be suggested for today, supported by moving below the EMA50, noting that breaching 142.55 will stop the current negative pressure and lead the price to attempt to regain the main bullish trend again.
The expected trading range for today is between 141.00 support and 142.80 resistance
The expected trend for today: Bearish
The GBPUSD resumes the decline - Analysis - 23-09-2022
The GBPUSD pair returns to decline after the temporary bullish correction that it showed yesterday, as it found solid resistance at 1.1335, which pushed it to return to the main bearish channel again, to reactivate the bearish wave that its next main target reaches 1.1100.
Therefore, we expect to witness more decline on the intraday and short term basis, noting that breaching 1.1335 will push the price to achieve additional bullish correction that targets 1.1410 followed by 1.1475 levels as next positive stations.
The expected trading range for today is between 1.1130 support and 1.1300 resistance.
The expected trend for today: Bearish
The EURUSD within continuation pattern – Analysis - 23-09-2022
The EURUSD pair’s recent trade are confined within bearish pennant pattern that appears on the chart, thus, breaking 0.9820 will activate the negative effect of this pattern followed by pushing the price to resume the bearish wave to achieve our negative targets that start at 0.9800 followed by 0.9700.
Therefore, our bearish overview will remain valid and active for the upcoming period supported by the EMA50, reminding you that it is important to hold below 0.9880 to achieve the suggested targets.
The expected trading range for today is between 0.9730 support and 0.9900 resistance.
The expected trend for today: Bearish
Update: The USDJPY collapses after the BOJ intervention
The USDJPY pair declined sharply after the BOJ intervention to support the Yen, which pushed the price to break the bullish channel’s support line and achieve bearish correction that reached 38.2% Fibonacci for the rise measured from 131.72 to 145.89, and we need to monitor the upcoming trades carefully, as breaking 140.50 will press on the price to achieve more bearish correction and head towards 138.80 as a next negative station, while breaching 142.55 followed by 143.65 will push the price back to the main bullish track again.