The USDJPY price touches the first correctional level – Forecast today - 17-01-2025
The USDJPY price provided additional negative trades yesterday to touch 38.2% Fibonacci correction level for the rise measured from 148.64 to 158.87, and the price needs to confirm the continuation of the decline and achieve additional bearish correction that its next target reaches 153.75.
Until now, the bearish trend still suggested for the upcoming period, supported by the negative pressure formed by the EMA50, reminding you that breaching 156.45 will stop the correctional bearish scenario to push the price to return to the main bullish track again.
The expected trading range for today is between 154.50 support and 156.10 resistance
Trend forecast: Bearish
The GBPUSD price awaits the break - Forecast today - 17-01-2025
The GBPUSD price fluctuates at the bearish flag’s support line that rises now to 1.2215$, and the price needs to break this level to activate the negative effect of the mentioned pattern followed by heading towards the next negative target of the bearish wave at 1.2045$.
The EMA50 keeps supporting the suggested bearish wave, noting that breaching 1.2300$ will push the price to recover and head to test the bearish channel’s resistance line around 1.2485$ before any new attempt to decline.
The expected trading range for today is between 1.2150$ support and 1.2300$ resistance
Trend forecast: Bearish
No news for the EURUSD price – Forecast today - 17-01-2025
The EURUSD price continues to fluctuate within tight range, and still around the EMA50, noticing that stochastic loses its positive momentum clearly, waiting to motivate the price to resume the expected bearish trend for the upcoming period, which its targets begin by breaking 1.0220$ to open the way to head towards 1.0100$.
We remind you that breaching 1.0325$ will stop the negative scenario to push the price towards starting bullish correction on the intraday basis.
The expected trading range for today is between 1.0210$ support and 1.0365$ resistance
Trend forecast: Bearish
End of day crude oil price forecast update - 16-01-2025
Crude oil price faces strong negative pressure to break the bullish channel’s support line and head towards starting bearish correction on the intraday basis, noting that closings the day below 78.25$ will confirm the continuation of the decline and achieve negative targets that start by visiting 76.75$ areas.