Alpari - Analytics

Alpari

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Daily analytical report (16/01/18)

  • USDJPY broke an important support at 110.8 and is now testing it as the closest resistance. First contact with this area from the bottom is good for sellers as the price created a shooting star on the H4 chart. As long as we stay below the orange area, the sentiment is negative.
  • Although the CADJPY is in a long-term ascending triangle, which indicates an upswing, we can see some possible short-term selling pressure here. It is all because of the strong recent downswing and the flag formation (which should continue this sentiment). We are also below an important resistance at 89.3, which should block demand for a while.
  • Bitcoin is aiming lower again. This movement was largely anticipated as the price broke the mid-term upwards trend line and later successfully tested that as the closest resistance. The current target is the horizontal support at the psychological barrier around the 11k USD mark. Chances that we will get there are very high.

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