Analyzing the Technicals of USD/JPY, EUR/GBP, and Oil in the Middle of the Week [Video]
In this midweek technical analysis, we will be looking at the charts of USD/JPY, EUR/GBP, and Oil to identify potential trading opportunities. By examining key support and resistance levels, as well as technical indicators, we can gain insight into where these markets may be headed next.
First up is USD/JPY, which has been trading in a tight range between 109.50 and 110.50. The pair is currently testing the upper end of this range, and a breakout above 110.50 could signal a bullish continuation towards 111.00 and beyond. On the other hand, a failure to break above this level could lead to a pullback towards 109.00.
Next, we have EUR/GBP, which has been in a downtrend since early August. The pair is currently trading near key support at 0.8500, and a break below this level could open the door for further losses towards 0.8400. However, a bounce from this support could lead to a retest of resistance at 0.8600.
Finally, we turn our attention to the Oil market, which has been consolidating in a range between $68 and $72 per barrel. The commodity is currently testing the lower end of this range, and a breakout below $68 could signal a deeper correction towards $65. On the other hand, a bounce from this level could lead to a retest of resistance at $72.
To get a more detailed analysis of these markets, watch the video below. Happy trading!