Technical analysis of USD/JPY for Sep 12, 2014 Market Analysis Review

Fundamental Overview:

USD/JPY is expected to consolidate with bullish bias after hitting near-six-year high at 107.20 on Thursday.It is underpinned by the higher U.S. Treasury yields (10-year at 2.551% versus 2.543% late Wednesday) amid speculation that the Federal Reserve might sound more hawkish in next week's policy statement and might raise interest rates sooner than the middle of next year that markets had been anticipating. USD/JPY is also supported by the demand from Japan importers. But USD sentiment is dented by the more-than-expected 315,000 U.S. jobless claims in week ended Sept. 6 (versus forecast 300,000). USD/JPY gains are also tempered by Japanese export sales and Bank of Japan Gov. Kuroda saying Thursday that "there's no need to discuss additional easing for now since prices are on steady track to achieving its 2.0% inflation target", EU unveiling fresh sanctions on Russia over Ukraine and positions adjustment ahead of Japan's long weekend (financial markets in Japan are shut on Monday for a public holiday).

Technical comment:
The daily chart is positive-biased as MACD is bullish, stochastics stays elevated in the overbought zone, 5 and 15-day moving averages are advancing.

Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 107.50 and the second target at 107.85. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 106.60. A break of this target would push the pair further downwards and one may expect the second target at 106.20. The pivot point is at 106.90.

Resistance levels:

107.50

107.85

108.15

Support levels:

106.60

106.20

106

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Technical analysis of USD/CHF for Sep 12, 2014 Market Analysis Review

Fundamental Overview:

USD/CHF is expected to trade in a range. It is supported by higher U.S. Treasury yields (10-year at 2.551% versus 2.543% late Wednesday) amid speculation that the Federal Reserve might sound more hawkish in next week's policy statement and might raise interest rates sooner than the middle of next year that markets had been anticipating. But USD sentiment dented by more-than-expected 315,000 U.S. jobless claims in week ended Sept. 6 (versus forecast 300,000 and dovish Swiss National Bank's monetary policy. But USD/CHF upside is limited by the franc demand on buoyant CHF/JPY cross and profit-taking on short-CHF positions as market participants trim risk exposure before the weekend.

Technical Comments:
The daily chart is still positive-biased as MACD is bullish, stochastics stays elevated in the overbought zone, 5 and 15-day moving averages are advancing, although inside-day-range pattern was completed on Thursday.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 0.9380 and the second target at 0.9430. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9290. A break of this target would push the pair further downwards and one may expect the second target at 0.9250. The pivot point is at 0.9315.

Resistance levels:

0.9380

0.9430

0.9465



Support levels:

0.9290

0.9250

0.9210

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Technical analysis of NZD/USD for Sep 12, 2014 Market Analysis Review

Fundamental Overview:

NZD/USD is expected to consolidate with a bearish bias after hitting a seven-month low at 0.8158 on Thursday. NZD sentiment is soft after the Reserve Bank of New Zealand lowered its forecast for the 90-bank bills to 4.0% in 2Q 2015 from its forecast of 4.5% in its June Statement, and said that current NZD exchange rate level remains unjustified and unsustainable. NZD/USD is also weighed by the narrowing NZD-USD interest differential and weak dairy prices. But NZD/USD losses are tempered by the Kiwi demand on soft AUD/NZD cross and profit-taking on short-NZD positions as market participants trim risk exposure before the weekend.

Technical Comment:
The daily chart is negative-biased as MACD is bearish, stochastics stays suppressed in the oversold zone, 5 and 15-day moving averages are falling.

Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 0.8120. A break of this target will move the pair further downwards to 0.8075. The pivot point stands at 0.8225. In case the price moves in the opposite direction and bounces back from the support level, then it will moves above its pivot point. It is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 0.8265 and the second target at 0.8305.

Resistance levels:

0.8265

0.8305

0.8345

Support levels:

0.8120

0.8175

0.8135

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Technical analysis of GBP/JPY for Sep 12, 2014 Market Analysis Review

Fundamental Overview:

GBP/JPY is expected to consolidate with a bullish bias. It is supported by the buoyant USD/JPY undertone and demand from Japanese importers. Besides, it is also supported after the latest YouGov poll published on Thursday showing slippage in the ratio ahead of the Scottish referendum with those who support independence at 48% and those for staying in the U.K. at 52% (the figures excluding voters who haven't decided how to vote). But EUR/JPY gains are tempered by Japanese export sales and positions adjustment ahead of Japan's long weekend.

Technical Comment:
The daily chart is positive-biased as MACD and stochastics are bullish, five-day moving average is above 15-day MA and is advancing.

Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 174.70 and the second target at 175.40. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 172.60. A break of this target would push the pair further downwards and one may expect the second target at 172. The pivot point is at 173.30.

Resistance levels:

174.70

175.40

176



Support levels:

172.60

172

171.45

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Technical analysis of USD/CAD for September 12, 2014 Market Analysis Review

General overview for 12/09/2104 15:00 CET

The target level anticipated in yesterday's analysis has been hit but the impulsive wave progression doesn't look like it is going to stop here as there is still one more wave to the upside missing, so the further gains on this pair are still possible. The projected target level in that case would be at the level of 1.1100 as the next round number level but any breakout below the key level might limit the weekly gains on this pair as the weekly range is currently done.

Support/Resistance:

1.1100 - Target Level

1.1064 - WR3

1.1052 - Technical Resistance

1.1027 - Intraday Support

1.1002 - WR2

Trading recommendations:

Day traders should move the SL just slightly below the level of 1.1027 on all their buy orders that are still open or use the trailing stop loss in order to protect the gains. Further upside movement is still possible, but any breakout below the mentioned level will decrease such a possibility this week. No reason to open short positions yet though. Be patient.

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Technical analysis of EUR/JPY for September 12, 2014 Market Analysis Review

General overview for 12/09/2104 14:30 CET

The wave progression is developing as per yesterday's h4 time frame chart. The projected target for wave (v) of the impassive leg is at the level of 139.26 as per older charts. The price is loosing its momentum and there is a clear bearish divergence building an awesome oscillator indicator. So, this could be another clue that the overall upward correction might be close to completion. Please keep an eye on price behavior at the projected target level as any impassive reversal is the first confirmation for the swing top in place.

Support/Resistance:

139.26 - Projected Target

139.06 - WR2

138.42 - Intraday Support

138.26 - Technical Support

137.41 - WR1

Trading recommendations:

The current price levels are not the very best levels to open buy positions and bulls should consider exiting the long traders and watch the level of 139.26 for more clues of the further price direction.

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EUR/NZD analysis for September 12, 2014 Market Analysis Review

Overview:

Since our last analysis, EUR/NZD has been trading upwards. The price tested the level of 1.5832 in a volume above average according to the daily chart. I have placed Fibonacci expansion to find potential resistance levels. I got Fibonacci expansion 61.8% around the price of 1.5830 (currently on the test). Selling at this stage looks risky, so watch for potential bearish correction and then try to build bullish positions. If the price breaks the level of 1.5830 (Fibonacci expansion 61.8%), we may see potential testing the level of 1.5900-1.6000 (Fibonacci expansion 100%).

Daily Fibonacci pivot levels :

Resistance levels:

R1: 1.5822

R2: 1.5850

R3: 1.5897

Support levels:

S1: 1.5728

S2: 1.5700

S3: 1.5653

Trading recommendations: Be careful when selling the EUR/NZD pair since we may see further upward movement.

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