The big question of the day is whether JPY will be able to continue its massive rallies against USD, EUR and CAD or if the Bank of Japan will step in and intervene by trying to throw up some kind of roadblock. Whether JPY keeps going or reverses, we could see an opposite move in the Japan 225 which has been under pressure lately.
Asia Pacific Indices
Australia 200 is sending mixed signals. Support has come in at a higher low near 4,900 and the index has rebounded toward 4,930 while the RSI has bounced off 30 to signal downward pressure fading. It remains in a downtrend of lower highs though and needs to retake 5,000 to signal a new uptrend.
Japan 225 is breaking down again, taking out 15,540 and falling into the 15,340 to 15,460 range with next support possible near a measured 15,220. RSI getting oversold suggests potential for a trading bounce emerging.
Hong Kong 50 is bouncing around between 20,000 and 20,250 trying to decide which way to break although RSI holding below 50 suggests bears gaining the upper hand. Next downside support non a break near 19,695.
India 50 is rolling over again, dropping back to test support in the 7,500 to 7,515 area with next support after that near 7,400.RSI falling back under 50 signals momentum turning downward again.
North American and European Indices
US 30 continues to roll over, dropping from near 17,700 back toward 17,500 while RSI falling back toward 50 confirms a deepening correction with next support possible near 17,400 then a Fibonacci cluster near 17,180.
US NDAQ 100 ran into resistance near 4,550 and broke 4,500 falling back to test 4,460 with next potential support after that at the 200-day average near 4,420. RSI falling back toward 50 indicates upward momentum weakening.
US SPX 500 has been knocked back under the bottom of its 2,040 to 2,080 trading range with RSI falling under 50 confirming a breakdown and downturn. Next potential support appears near 2,015 a Fibonacci level and the 200-day average.
UK 100 has dropped back from near 6,210 toward 6,110 as it trends sideways in the 6,000 to 6,250 zone between its 50 and 200-day moving averages.
Germany 30 remains under pressure falling down through 9,500 and on toward 9,460 after an attempt to stabilize 9,590 to 9,710 range failed. RSI under 50 and falling confirms downward pressure increasing with next potential support possible near 9,405 then 9,125.
Gold is turning back upward today with the price rallying up off $1,228 Fibonacci support into the $1,236 to $1,242 area with next potential resistance near $1,250 then $1,260. RSI rising back up off 50 confirms momentum turning upward again.
Crude Oil WTI dropped back after running into resistance near $37.60 but remains in an uptrend having retested its $36.00 breakout point as new support and bouncing back up toward $36.90 RSI bouncing from 40 to 50 suggests recent correction ending.
US Dollar Index continues to drift downward with resistance falling from near 95.00 toward 94.50 and the index sliding towards 94.00 while RSI confirms downward momentum intact. Next potential measured support near 93.00 then 92.80 on trend.
EURUSD has turned back downward after reaching its highest level since October near $1.1450 overnight falling back toward $1.1340 before bouncing back into the $1.1360 to $1.1380 range. A negative RSI divergence emerging suggests upward momentum may be slowing.
NZDUSD has stabilized at a higher level with support coming in near $0.6770 up from $0.6700. Resistance remains in place near $0.6870. RSI holding 50 indicates underlying uptrend still intact.
AUDUSD is retesting the bottom of a $0.7500 to $0.7700 trading channel with RSI testing 50. Either support giving way would signal the start of a new downtrend that could retest a previous breakout point near $0.7400 or the 50-day average near $0.7355.
USDCNH is hanging around 6.4850 within a 6,4500 to 6.5000 channel where it has been base building after forming a double bottom.
USDSGD continues to stabilize near $1.3500 within a $1.3400 to $1.3600 channel. RSI lifting up off 30 indicates downward pressure easing.
USDJPY has plunged overnight diving into the 107.80 to 108.40 zone after retesting 110.00 as new resistance and confirming yesterday’s breakdown. Next potential measured support appears closer to 107.00. RSI getting oversold suggests potential for a trading bounce at some point with initial resistance near 109.00.
EURJPY has gone into a nosedive falling toward 123.00 after breaking down through 125.00. RSI under 50 and falling confirms downward pressure increasing. Next potential support near 122.00 its February low.
CADJPY has been crushed falling from near 84.20 down toward 82.00 before rebounding to retest the 82.45 Fibonacci level it broke on the way down as new resistance. RSI under 50 and falling indicates downward pressure increasing with next potential support near 80.45.
USDCAD bounced up off of $1.3000 setting a higher low and has climbed back up into the $1.3130 to $1.3170 area as it continues to pause in a wide $1.2900 to $1.3300 channel. RSI nearing 50 indicates momentum has changed from downward to sideways.