Technical Analysis and Review for 18 Oct 2022


USD/JPY - Bullish

Price is trading sideways on the 4-hour chart after reaching a 32 year high of 148.85 last Friday. It is still above the Ichimoku cloud and therefore we are still bullish, we expect price to get close to the first resistance around 149.27.


Trading Range for Consideration

Open

High

Low

Close

Pivot Point

148.78

149.09

148.44

149.04

148.85

1st

2nd

3rd

Resistance Level

149.27

149.50

149.92

Support Level

148.62

148.20

147.97

USD/JPY 4-hour chart



EUR/USD - Bullish

Price is currently testing the 1st resistance at 0.9894 thanks to yesterday's bounce off the 1st support level of 0.9752. If it breaks through the 1st resistance, it may test the 2nd resistance at 0.9944. Alternatively, bearish momentum may bring a price retracement back to the 1st support.


Trading Range for Consideration

Open

High

Low

Close

Pivot Point

0.9721

0.9853

0.9711

0.9843

0.9802

1st

2nd

3rd

Resistance Level

0.9894

0.9944

1.0036

Support Level

0.9752

0.9660

0.9610

EUR/USD 4-hour chart


GBP/USD - Bullish

On the 4-hour chart the price is moving in an ascending direction. If bullish momentum continues, it will test the 1st resistance at 1.1473, if it breaks through it, we expect it to hit the second resistance at 1.1586.


Trading Range for Consideration

Open

High

Low

Close

Pivot Point

1.118

1.144

1.118

1.1359

1.1326

1st

2nd

3rd

Resistance Level

1.1473

1.1586

1.1733

Support Level

1.1213

1.1066

1.0953

GBP/USD 4-hour chart


USD/CHF - Bearish

Price continues in a descending direction on the 4-hour chart after bouncing off the 1st resistance Monday. We expect price to retrace to the 1st support at 0.9914.


Trading Range for Consideration

Open

High

Low

Close

Pivot Point

1.0063

1.0063

0.9944

0.9959

0.9989