USDJPY tests resistance: the yen gears up for a correction out of the sideways channel
The yen's strengthening has stalled, with the USDJPY pair poised for a correction. The USDJPY rate currently stands at 154.45.
Technical outlook
On the daily chart, the USDJPY pair continues to trade below the previously established 155.15 support level, while a new support level has not yet formed.
The outlook for the USDJPY rate remains moderately negative.
Attention! Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
ETHUSD remains under pressure after another failed test of a strong resistance level, with the price currently trading at 2,480 USD.
Technical outlook
ETHUSD remains above the EMA-65, indicating that buyers still have upside potential. However, bulls' renewed attempts to break above the 2,520 USD resistance level are again encountering active selling pressure.
The prolonged struggle by buyers against the 2,520 USD resistance level increases the risk of ETHUSD falling towards 2,365 USD.
Attention! Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
Rejection of the digital assets bill adds to pressure on XRPUSD
XRPUSD is falling for the second consecutive trading session following the failure of the Clarity Act, with the price currently hovering at 1.2767.
Technical outlook
The XRP price has broken below the bullish channel. Sellers gained a foothold below the EMA-65, indicating stronger downside pressure. Today's XRPUSD forecast suggests a rebound from the resistance level, followed by a further decline towards the 1.1325 target.
The current decline in XRPUSD below 1.3265 USD is driven by pressure following the failure of the Clarity Act in the US Senate.
Attention! Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
USDJPY weakens as the dollar strengthens after the interest rate hike
The US dollar is strengthening after the Federal Reserve raised interest rates and signalled further monetary policy tightening. The current USDJPY price is 155.62.
Technical outlook
On the daily chart, USDJPY has formed a support level at 152.95. The nearest resistance level is around 156.75. On the H4 timeframe, support is located near 154.95, while resistance has formed at 156.40.
As a result, a moderately positive near-term scenario is developing for USDJPY.
Attention! Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
