Every week we are looking at which currency pairs are moving and trending. What is worth following right now? We like to name these currency pairs “the star of the week“.
This time we are giving you a technical analysis for a currency pair that we really want to look at, the CHFJPY. We will definitely watch this pair very carefully for the next few days.
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Why I think USDJPY will be the star of the week
The USDJPY has had a long run uphill for some time now, certainly for this month and this past week. Seems it is due for a retracement at least in the longer term. Here we we have the daily poised to retrace further down while the Hourly is looking like it will retrace up a bit.
A quick look at the USDJPY currency pair
DAILY this pair has moved up nicely and is now in consolidation. The rsi is just under the sell zone but pointed down to the buy zone indicating further down movement to come. This pair should move down to the .618 at 108.924 giving 57 pips. If it continues to the .786 at 108.924 this will give 101 pips.
HOURLY had a sizeable move up and is sitting at the .236. The rsi is just above the buy zone indicating a little further down movement to come and then it should move up to the .382 at 109.958 giving 5 pips and if it goes to .618 at 110.072 it would give 17 pips. If it continues to the .786 at 110.154 this would give 24 pips.
NZD USD in the news
NZD/USD has been trading on a bullish trend since the middle of March,when this pair came back from the dead, following the big crash from the coronavirus outbreak. This forex pair made a strong reversal during the second half of that month and after some slight upward momentum during April and May, the momentum picked up pace in June.FX Leaders think that MAs Keeping NZD/USD Bullish Again This Week
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Was this article helpful for you? What do you think of the USD MXN and EUR JPY currency pairs? I often use Pivot points in my analysis. I have already written an article where I explained in detail how target trading works.
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