Forex Market Analysis Today [2024.06.27]: USDJPY Broke the Resistance at 160, Will It Continue to Go Up?

Hello, Welcome to Forex Market Analysis Today!

• EURUSD: EURUSD is still trading near the major trend line, with key support around 1.06000 and key resistance around 1.09000.
• USDCAD: USDCAD is uptrending but getting squeezed between major support and resistance lines.
• USDJPY: USDJPY is in an uptrend, having broken the major resistance level around 160.
• USDCHF: USDCHF is trending down, with support around 0.87350 and resistance at 0.90000.
• GBPUSD: GBPUSD is pulling back from the resistance level around 1.28100, with the next major support around 1.25000.
• AUDUSD: AUDUSD is consolidating between 0.67000 and 0.65750.
• NZDUSD: NZDUSD found resistance at 0.62200 and has broken below the support at 0.60800.

Key Trading Events Today

These events encompass important global news, macroeconomic reports, and economic indicators. For more details, you can check the forex factory economic calendar.

• At 5:30 AM ET, Bank of England Governor Bailey will speak, which is a highly volatile event for GBP pairs.
• At 8:30 AM ET, the US will release its Final GDP data, a major event for USD pairs, along with the Unemployment Claims report at the same time.
• New Zealand banks are closed for a holiday, so expect low liquidity and unusual volatility in NZD pairs.
• At 7:30 PM ET, Tokyo will release its CPI data, an important measure of inflation for Japan, causing volatility in JPY pairs.
• Finally, at 9:00 PM ET, US President Biden will speak at the first presidential debate of the 2024 general election in Atlanta. Depending on what he shares, the market may face some volatility, so be cautious.

EURUSD:

Looking at EURUSD, it is still trading near the major trend line, with key support around 1.06000 and key resistance around 1.09000.

Looking at the 1-hour chart, you can see the price pulled back from support, returned to the major trend line, and then pulled back again. Now, it is heading back to the support. We can expect the price to break below this support and drop to the major support around 1.06000. On the other hand, if the price moves back above the major trend line, it might go up or consolidate around that level.

USDCAD:

Looking at USDCAD, it’s still in an uptrend. The trend lines form a triangle, acting as major support and resistance for the price.

Looking at the 1-hour chart, the price is pulling back. Since the overall trend still looks bullish, we can expect the price to find support around 1.36700 and start going up. However, if the price breaks below this line, we can expect it to drop to the support around the 1.36200 level.

USDJPY:

Looking at USDJPY, it’s in an uptrend and has broken the major resistance level around 160. The trend line indicating the uptrend still acts as major support for the price.

Looking at the 1-hour chart, you can see that after the price broke above the resistance, it pulled back to that level and started going up. We can expect the price to continue rising to the next resistance levels before pulling back. Watch out for round numbers, as they often act as resistance because people like to place their orders there. Also, if the price breaks below this line again, it means the price is going into correction, and the upward momentum is not as strong as we thought.

USDCHF:

Looking at USDCHF, it’s trending down and now seems to be in a correction. The major resistance is around 0.90000, and the major support is around 0.87350.

Looking at the 1-hour chart, the price is just below the major resistance at 0.90000. We can expect the price to reach this resistance level, then pull back and drop further to the next support, maybe around 0.89500. However, if the price breaks above the resistance, it could continue to rise instead of pulling back. So, watch out for breakouts.

GBPUSD:

Looking at GBPUSD, it’s pulling back from the resistance level around 1.28100. The next major support for the price is around 1.25000.

Now, looking at the 1-hour chart, you can see that the price broke support around 1.26400, went down, and then pulled back to that level. It is now trading around that level. Since the overall trend is bearish, we can expect the price to continue dropping to the next support. However, if the price breaks above this line again, it means the price is undergoing correction, and the downward momentum is not strong.

AUDUSD:

Looking at AUDUSD, the price is consolidating between 0.67000 and 0.65750. These two levels act as support and resistance.

Looking at the 1-hour chart, there is a medium-term uptrend, and the price is near a resistance level at 0.66800. We can expect the price to reach this resistance and then pull back to the small support line indicating the uptrend. Alternatively, it might break above the resistance and continue rising to the next resistance level. However, if the price breaks below this support, we can expect it to drop to the major support around 0.65750. Watch for any major breakouts at these support and resistance levels, as they will determine the future trend for the price.

NZDUSD:

Looking at NZDUSD, it’s pulling back from the resistance level at 0.62200 and has now broken below the support at 0.60800.

Looking at the 1-hour chart, you can see that the price broke below the support and pulled back to that level. We can expect the price to continue dropping to the next support level. However, keep in mind that today, banks in New Zealand are closed, so there will be more retail traders than institutions. The market may show unusual movements, so watch out.

Conclusion & Disclaimer

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The information provided in this market analysis is for educational and informational purposes only. It should not be construed as financial advice or a recommendation to buy, sell, or hold any securities or investments.

All investments involve risk, and past performance is not indicative of future results. The analysis provided may not be suitable for all investors and should be used at their own discretion.

These analyses are here to help you understand how to analyze the market. They’re not about giving buy or sell signals. It’s simply about observing market behavior. I don’t recommend when to buy or sell because trading doesn’t work that way. You need a strategy to guide your decisions about when to enter or exit positions. That’s the key to making consistent profits in the financial markets over time.

Readers are encouraged to conduct their own research.

Trading and investing in financial markets carry inherent risks, including the risk of losing invested capital. It is important to carefully consider your investment objectives, risk tolerance, and financial situation before making any investment decisions.

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