Chart Signals: JPY rallies, WTI channel support holds

JPY pairs have turned sharply downward as the yen broadly strengthens. Early weakness in crude oil faded as a successful test of channel support and falling US inventories helped energy commodities and related markets to reclaim lost ground. Indices also continue to be well supported particularly the Germany 30 and Hong Kong 50.

Asia Pacific Indices

Australia 200 has bounced back above 5,300 after diving down toward 5,260 but it needs to retake 5,330 a Fibonacci level to call off its current downswing especially with RSI falling under 50 to signal a downturn in momentum. Next downside support near 5,190 should this rebound attempt fail.

Japan 225 held 16,400 channel support and has bounced back toward 16,600 with net resistance possible near 16,820 a Fibonacci level then 17,000. RSI bouncing around 50 indicates a sideways trend emerging.

Hong Kong 50 continues to bounce around between 20,700 Fibonacci support and 21,00 Fibonacci resistance. Rising RSI indicates upward momentum still increasing. Next resistance on a breakout possible near 2,270.

India 50 is breaking out again, clearing 8,200 to signal the start of a new upleg on trend and advancing on 8,240 with nest potential resistance near 8,280 a Fibonacci test. Overbought RSI suggests it may still need to digest recent gains at some point.

North American and European Indices

US 30 has bounced back above its 50-day average near 17,780 having found support at a higher low near 17,655, carrying on toward 17,820. Next resistance near 18,000 then 18,195. RSI holding 50 indicates underlying uptrend remains intact for now.

US NDAQ 100 continues to attract support above 4,500 a round number and Fibonacci level with more support near 4,470 and upside resistance near 4,525 then 4,575. RSI near overbought suggests a pause or correction possible in the near term.

US SPX 500 is hanging around 2,100 trying to decide whether to break out over 2,112 and call off a double top, keep trending sideways or drop back to retest its 50-day average near 2,070.

UK 100 remains in an uptrend having successfully retested support at its 200-day average near 6,155 plus 50 on the RSI and bouncing back up toward 6,220 with next resistance near 6,300.

Germany 30 is holding steady today between 10,220 and 10,250 above its 200-day average near 10,100 and below 10,300 initial resistance. RSI levelling off above 50 suggests a pause underway within an uptrend. Moving averages now within 80 points of a golden cross.

Commodities

Gold has stabilized near $1,215 between $1,200 round number support and $1,228 Fibonacci resistance. RSI rising off 30 indicates recent selloff ending as downward pressure fades.

Crude Oil WTI successfully retested $48.00 channel support with a bear trap washout down to $47.80 then rallying back up toward $49.00 with next resistance at the $50.00 round number. OPEC related weakness was overcome by renewed interest on US DOE inventories.

FX

US Dollar Index is kicking around near the middle of its 95.00 to 96.00 trading range. RSI sinking back toward 50 indicates upward momentum fading and a sideways trend emerging.

EURUSD tried to break out over $1.1220 but failed and dropped back toward $1.1150 holding above its 200-day average near $1.1111. RSI suggests downward pressure easing but so far it appears to be base building.

NZDUSD smacked into resistance near $0.6840 and has reeled back toward $0.6800. Support coming in at a higher low plus RSI regaining 50 suggests this may be a temporary setback within a bigger rebound with next resistance possible near $0.6870 then $0.6900.

AUDUSD ran into resistance near $0.7300 and is hanging around its 200-day average near $0.7225 while base building continues. RSI indicates downward pressure still easing. Next resistance on a breakout near $0.7335.

USDSGD is drifting within a $1.3720 to $1.3840 trading range. RSI falling back toward 50 indicates upward momentum fading and a downturn possible.

USDJPY is breaking down again, taking out 109.00 and retesting it as new resistance with next potential support near 108.20 then 107.55. RSI falling back under 50 signals momentum turning downward again.

GBPJPY is breaking down today taking out its 50-day average and prior support near 157.90 and falling toward 156.70 with next potential support near 155.65 then the 155.00 round number. RSI diving back under 50 confirms momentum turning downward.

EURJPY has broken down through 122.00 to signal the start of a new downleg falling into the 121.10 to 121.40 range with next potential support near 120.00 where a round number and measured move converge. RSI falling away from 50 confirms downward momentum increasing.

CADJPY is testing channel and Fibonacci support near 82.45. RSI holding 50 indicates sideways trend intact but on a breakdown, next support may appear closer to 81.75 or 81.00.