AUD/JPY is showing signs of a reversal from its recent downtrend as it made an upside breakout from the neckline of its double bottom pattern on the daily time frame.
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The dollar still managed to gain against most of its major counterparts although the recent rallies seem weaker. USD/JPY broke to the upside of the symmetrical triangle on the 4-hour time frame but the pair is stalling at the previous week highs.
Dollar strength is still dominating price action but the move might be overdone on USD/CHF pretty soon. The 4-hour time frame shows that a resistance level is just around the corner and close to the .9400 major psychological level.
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The dollar is still reigning supreme in the markets as talks of a US military strike are still on the table.
USD/JPY has been consolidating inside a symmetrical triangle for the past few months, as seen on the 4-hour time frame. The pair just made an upside breakout earlier today, as Abe got the approval to increase corporate taxes.
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The dollar continued to flex its muscles in yesterday’s trading, as strong US GDP was responsible for boosting the safe-haven Greenback.
On longer-term time frames, it is evident that USD/JPY is still undecided which direction to take as it consolidated inside a symmetrical triangle.
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The dollar had a mixed performance in yesterday’s trading, although it did manage to store some gains against most of its counterparts. EUR/USD dipped to the 1.3305 area while GBP/USD traded below the 1.5500 handle briefly.
EUR/USD’s uptrend seems to be exhausted already as the pair broke below the rising channel support on its 4-hour time frame. The strong red candle close below the 1.3300 major psychological level signifies a possible reversal, probably back to 1.3000.
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The US dollar was still ahead of the pack in yesterday’s trading, as risk aversion stayed in the markets.